Grain Marketing Specialist
Corn: As of 7:45- steady
Another narrow 4 ½ cent range closing ½ c off the high yesterday. Export inspection fell at 27.2 mbu within the range of estimates but still lower than the 36mbu needed to meet USDA projections. Technically this market still appears to be consolidating on very little news. Momentum indicators giving no clear direction at this point.
Soybeans: As of 7:45- 1 lower
Soybeans firm yesterday on short covering and solid export inspections of 64.7 mbu well exceeding the ave week pace needed of 12 mbu to meet USDA projections. SA weather remains favorable for development and harvest. Brazil estimated to be 15% harvested. NOPA crush out at a disappointing 150.5 confirming lower crush margins.
Wheat: As of 7:45- 2 lower
Wheat firmer yesterday primarily on short covering. Export inspections at 14.1 mbu vs. ave weekly pace of 14.4 mbu to meet USDA projections. There is starting to be some concerns of warmer weather breaking dormancy early leaving the crop susceptible to a late Feb early Mar cold snap.