Friday Dec 30th 2011
SDWG Grain Originator
Due to the New Year’s Holiday the grain markets will not be open Monday and Monday night the 2nd. Trading will resume 9:30 Tuesday morning.
Wheat Growers wants to wish you and your family a Safe and Happy New Year!
Corn- 5 higher
Grains under pressure all day as moisture started to work into the South American forecast. Weekly ethanol production reported at a very aggressive 962,000 barrels leading many to believe that we will see an increase corn for ethanol use in the Jan 12th USDA report. A weaker dollar and end of the year buying has corn called higher this morning. Export sales this morning for the week at 354.4 vs estimates of 400-600 and 952.9 last week.
Soybeans- 3 higher
Soybeans setting back yesterday on South American moisture and ideas of slowing demand adding to US stocks. . End of the year buying has soybeans called higher this morning. Export sales this morning for the week at 662.7 vs estimates of 300-600 and 728.4 last week. All three of my technical indicators remaining bullish with the first level of resistance for Mar soybeans at 12.19.
Wheat- 3 higher
Estimates cutting Ukraine wheat exports for 11/12 has wheat looking a little better this morning. All three of my indicators remain bullish both KC and Minneapolis wheat. Export sales this morning for the week at 431.2 compared to estimates of 200-350 and 362.3 last week.