February 9, 2016
Grain Marketing Specialist
SDWG will be holding Winter Marketing Meetings featuring Jeff Hainline with Advanced Trading.
Feb 9th - 4pm at the WG Admin office in Aberdeen (Dinner to follow)
Feb 10th – 10:30am at Roosters in Redfield (Lunch to Follow), 4pm at Top Floor Events in Huron (Dinner to follow)
Feb 11th – 10:00 am at the Kennebec Agronomy Center (Lunch to Follow)
Contact your nearest Grain Marketing Specialist to RSVP or for any questions.
Monthly WASDE Report will be released today at 11am! Make sure to have your Target Orders in place!
Corn: 1- 2 lower
Corn continues its downtrend in the overnight trade as we managed to hit our next support line at $3.60 March futures. Export inspections, yesterday, came in at a dismal 17.3 million bushels. This is well below the 41.8 million bushels needed to keep pace with USDA projections. Today’s USDA report has the possibility of increasing the carryout number, because of a reduction in export demand. The next line of support is around $3.50 March futures.
Soybeans traded lightly in the overnight as beneficial rains in Argentina, along with festivals occurring in China and Brazil keep this market stagnant. Export inspections, yesterday, came in at 43.1 million bushels. This was within expectations, but is down 13% total, compared to this time last year. USDA not expected to change US carryout today, which is at 440 million bushels, but we could see an increase in South American numbers. Support at $8.52 Mar futures.
Wheat is holding steady this morning as we established new lows in the KC Wheat complex and are testing old contract lows in Spring Wheat. Export inspections were at 14.6 million bushels. Today’s supply and demand report has the possibility of an increase in supply. We wait and see. Support is around $4.82 March futures for Minneapolis, and $4.43 March futures in Kansas City.