October 19, 2016
Producer Marketing Manger
CORN: As of 7:45 – Down 2
Corn ended up steady yesterday after spend most of the time in positive territory. It gave up the gains when the soy complex rolled over just after noon. We still have overhead resistance around the $3.58-$3.60 area. I wanted to highlight our Market Base Builder (MBB) Program that many of our producers are delivering on this fall. The program priced NC Corn through a seasonally favorable period this past spring. As seen by the red line in the chart below, it ended up at $3.87 futures and is well above pricing opportunities we have seen in the past 3 months! Look for the 2017 MBB program coming late this winter and other sensible grain marketing programs we offer.
SOYBEANS: As of 7:45 – Steady
China was in for a fresh 706.5K MT of US beans for this crop year – various reports suggest this was tied to the announcement last week of China committing to 5 MMT of US bean purchases. Chinese crush margins remain strong as an increase from feed demand for meal caused by lower DDG imports and an increase in soy oil values continue.
WHEAT: As of 7:45 – Down 2
Very much a follower as corn was steady and beans traded both sides yesterday. It has been quiet as row crop harvest rolls on. With planting insurance dates quickly approaching, Western KS farmers are forced to plant wheat in the dust and “hope the bins will bust”, while Central and Eastern Ks welcomed the 90+ degree days to dry conditions enough for planting.