May 12, 2016
Grain Marketing Specialist
Corn: as of 7:45 up 5
With the bean market taking a day off, corn market struggled to gain momentum yesterday as it could not find any support on its own. Corn closed down 4 on the nearby and down 3 on Dec futures. It has pickup in on the overnight sessions as we are seeing some gain around .04. on most contract months. Ethanol production numbers from yesterday we saw a jump of 39k from 923k to 962k barrels in a week. Biggest move since May of 2015. Exports this week were in at around 1.2mmt which were right in the middle of expectations.
Soybeans: As of 7:45 Up 7
Following the big moves after the report on Tuesday, the soy complex took a break yesterday as we may have saw a little profit taking with nearby markets down around 6 and November beans settled down only 1. Momentum picked back up in the overnight with most markets up around 7 on a little fund buying. Exports still coming in a little dismal, at around 219tmt.
Wheat: As of 7:45 Min up 2 and KC up 4
Like corn, the wheat market had no support with beans down, as we saw all classes in the negative. Both the nearby and NC markets we both down in the 6-7 range in both Minny and KC wheat. We are seeing a small surge in the overnight with wheat following corn in beans into positive numbers. The overall picture for wheat continues to be bearish as we are seeing good growing weather threw out the plains. Just hard to find something to move this market higher. Exports came in a little better this week around 682tmt.