December 6, 2016
Grain Marketing Specialist
Friday December 9th the USDA WASDE report will be out at 11:00 A.M.
CORN: As of 7:45 – Up 1 at 3.60
On Monday, March corn futures closed up 12 cents at 3.59 this was aided by the weaker US dollar. Export inspections came out yesterday well above expectations at 1.15 MMT for week ending 12/1/16. Which was 322 TMT higher than the week before and over double what it was a year ago. The US dollar has fallen back off its 14 year highs made the end of November lending support to the corn market. The recent spike in the crude oil market has helped push corn higher as well. The OPEC countries have proposed to cut production by 1.2 million barrels per day as a result crude oil has rallied since last Tuesday and reached highs we haven’t seen since July of 2015 in the WTI market.
SOYBEANS: As of 7:45- Up 12 at 10.56
Yesterday nearby bean futures rallied up to a high of 10.49 on the January contract. USDA announced a 426 TMT sale to China in the 16/17 marketing year. Soybean export inspections came in at 1.91 MMT which was down from last week’s 2.229 MMT. There is a slight concern arising about the weather conditions in Argentina. They have experienced dry weather here in the early stages of their growing season on soybeans. The funds were buyers of soybeans, soybean oil, and soybean meal yesterday aided by the lower US dollar.
WHEAT: As of 7:45 – Minneapolis up 2 at 5.37 Kansas wheat up 1 at 4.21
Light profit taking in wheat kept the market suppressed for the day. Wheat export inspections were much stronger this week at 453 TMT vs last week at 245 TMT. Eastern Australia has rain in the forecast which could delay harvest before weather turns back to drier conditions for finishing up what sounds to be a record wheat crop.