February 12, 2016
Grain Marketing Specialist
Markets will be closed on Monday in observance of Presidents’ Day.
Rinse and repeat. Corn continues to hold support around $3.60 Mar futures. We did not see any positive moves yesterday in corn, despite the bullish interest soybeans had on the market. Corn export sales and shipments, reported yesterday, were at 15.9 million bushels and 20.8 million bushels respectfully. These numbers are still very bearish, as total US sales and shipments are down 26% from a year ago. The overall trend has not changed.
Soybeans: 2 lower
We got to see soybeans rally into double digits yesterday. This was attributed to commercial buying in soybean oil. USDA estimates there will be a reduction in palm oil out of Indonesia thus sparking the rally over demand concerns. Exports yesterday were better than last week, but still continue to hold a bearish trend as we are down 12% from a year ago. South American crops continue to look good, with minimal delays in harvest. Even with yesterday’s rally, the story has not changed. We still continue to trade sideways.
Wheat: 2 higher
Low prices will entice someone to buy it. Wheat, this morning, is managing to push a little higher after closing unchanged to lower yesterday. Right now there is very little bullish news that would be able to push this market higher. We continue to see a bearish overall trend for now.