October 21, 2016
Grain Marketing Specialist
Make sure to have your targets working during these busy times!
CORN (Up 1)
Corn retreated Thursday after a strong week, presently we are still only about 8 cents off the recent highs. Export sales released on Thursday were better than expectations at 40.3 mln bushels, the trade was expecting about 30 mln bushels. The Argentina corn crop is making good progress as planting place is ahead of the 5-year average. Harvest weather looks to okay to poor as precipitation looks to move in over much of the corn belt later next week. Speculators sold 8000 contracts on Thursday fueling the down 6.5 cent day. Below is a look at the 10 day precipitation outlook..
SOYBEANS (Up 1)
Soybeans seemed to have settled towards the top side of the range as strong demand seems to be keeping futures in check. Export sales released Thursday blew trade expectations out of the water reporting 73.8 mln bushels of new sales. Planting pace in Brazil is off to a strong start as they are ahead of last year in Mato Grasso due to neutral weather. The Chinese government is predicting China bean acres will be up 43% over the next five years to curb import pace. Don’t miss an opportunity to sell some excess production at these profitable levels! If you are looking for $9 be sure to have your target working as we are not that far off at the moment.
WHEAT (Minneapolis Unchanged, Kansas City Up 1)
Domestic winter wheat conditions are in rough shape after the recent hot spell that hit the southern plains. Wheat export sales were in line with trade expectations at 18.9 mln bushels and 5 mln bushels better than at this point last year.