Oct 26, 2016
Grain Marketing Specialist
Corn: Up 2-5
Corn traded in another tight window yesterday and ended the day only a penny higher. In the overnight we say the same thing as corn market traded in a 3-5 cent range ending penny up at $3.50z We are seeing this support from the strength in beans. We did see a few rain events across some areas to put a halt to harvest.
Soybeans: Up 5-8
Beans went on roller coaster ride yesterday as they started the morning strong, but quickly reversed course as the market saw bean oil change direction, which was caused by production changes to palm oil. On the overnight session we saw another spike as most months were up 7. We did see another sale for 516k tones of beans to China. We are still seeing bean fields getting harvested but may have been delayed by weather. With first notice day for Nov futures on Monday, below is some retracement values for Jan 17 beans.
Wheat: Up 2-3
Wheat complex again was mixed yesterday with Chicago up 1 ¾, KC up 1 but Minny failed to follow the rest as it settled down ¾. On the overnight all classes found support from the beans. As KC was up 2 Minny up slightly and Chicago up 1 3/4To no surprise KC wheat acres is expected to be down for this year due to price. We will see that come January.