Dec 20, 2016
Grain Marketing Specialist
Corn: 2-5 Lower
Corn market was lower yesterday as they were influenced by weakness in the bean complex. That weakness spilled over into the overnight session as we are down a penny across most markets. As we near the holidays and with a lack of fresh news, added on the down fall of the beans this will put pressure on the corn market. Weekly corn export inspections came in in at 0.769 mt, which is just below the estimate range of 0.800 – 1.000 mt.
Soybeans: 5-8 Lower
The soy complex took the brunt of the pressure yesterday, as both Brazil and Argentina saw good rains fall in much need areas.They also have good coverage the nest few days. The pressure was also seen in the overnight as well as most nearby markets are down 9. This market has been unwilling to fall to this point as SA started to get dry and planting stated to fall behind. Could these rains be the tipping point? Weekly soybean export inspections came in at 1.732 mt, which is on the high end of the estimates of 1.500 – 1.800 mt.
Wheat: 2-5 Lower
With the un-winding of the bean markets along with corn, wheat market suffered along with them. Yesterday Minny lost 2 ½ and KC was down ¾ of a penny. That followed through into the overnight as KC was down 3 and Minny down 2. Also putting pressure on wheat, was the strength of the US $. Since the beginning of Dec, commodities are about 2-3% more expensive due to currency moves. Weekly wheat export inspections came in at 0.478 mt, which ended up on the high end of the estimates of 0.300 – 0.500 mt.