December 16, 2016
Producer Marketing Manager
CORN: As of 7:45 – Up 1
The March futures contract pushed to $3.63 ½ yesterday before rolling over and closing down 5 ½. This was in spite of higher export sales. Another jump in the US Dollar index was noted as providing the bearish pressure. Below is the chart of the March contract and shows us trading right at support levels of the 25 and 50 day moving average.
SOYBEANS: As of 7:45 – UP 4
Soybeans were up double digits early yesterday before sliding back in light of the stronger dollar and weak price action in the corn and wheat markets. Overnight markets are firmer, led by beans. The market is still looking for precip in Argentina Sunday into early next week. I think the market will be taking a keen interest in the actual precip amounts received Sunday into Monday.
WHEAT: As of 7:45 – MPLS Steady, KC Down 3
As mentioned above, the US Dollar had the largest daily gain in 6 months and is bumping up against 14 year highs! Definitely some tough headwinds for US exports.