January 2, 2016
Grain Marketing Specialist
Corn: as of 7:45 up 1 ¾
We saw both sides of the market yesterday as corn did struggle at times to remain positive. That momentum carried into the overnight session. Corn futures is now trading at its highest levels since Dec 22. We have cleared the 10,20 and 50-day MA with 100 day in its sights around 3.79 ¼. We may see an increase in our export market as SA turns there focus on SB harvest.
Soybeans: as of 7:45 up 2
Soy complex was heavily affected by the loses in some outside markets. March was down 9 and Nov down 6. Was saw a spark in the overnight session to gain some of that back. Some news that China may increase their imports of SB this year. Mainly due to increase demand of meal. Weather in SA remains favorable for cutting beans, but the worry is that some areas got too much moisture.
Wheat: Minny up 1 and KC up 3 and Chicago up 2.
Same old news in wheat markets. Under pressure yesterday due to world supplies. Production problems in India has done little to affect the market. Egypt has been putting feelers out for a tender of wheat. As of now French wheat is the cheapest to get offered to them. US did not put in any offers.