February 10, 2016
Grain Marketing Specialist
SDWG will be holding Winter Marketing Meetings featuring Jeff Hainline with Advanced Trading.
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.
Feb 9th WASDE Report
Corn: 1 lower
Corn is lower this morning, but is still managing to trade around support, which is at $3.60 Mar futures. Yesterday’s report increased US carryout to 1.837 bln bushels, which was up 35 million bushels from last month. This was due to USDA expecting a larger import number and a decrease in US exports. USDA increased Brazil and Argentina’s corn production to 84 million metric tons and 27 million metric tons. These numbers were up 2.5 million metric tons and 1.4 million metric tons from January’s report, respectfully. Even though these numbers were bearish, the market was able to absorb the information and now we continue our neutral trend.
Soybeans: 1 higher
Soybeans are trading slightly higher this morning after yesterday’s bearish report. USDA decided to increase US stocks by 10 million bushels to 450 million bushels. This was due to the USDA decreasing the soybean crush number by 10 million bushels. Production numbers in Brazil were left unchanged at 100 million metric tons, but Argentina did see an increase of 1.5 million metric tons to 58.5 million metric tons. Beans are holding minor support around $8.60 March futures.
Wheat: steady - 2 lower
Wheat is lower, but is still managing to hold its established lows in the MPLS and KC complexes. USDA decreased exports by 25 million bushels, which in turn increased the US supply by 25 million bushels, ending up with a 966-million-bushel carryout. USDA increase world stocks to 238.87 million metric tons. This is up 6.8 million metric tons.