Grain Marketing Specialist
EIA report at 10:00 AM today
Corn Unchanged as of 7:45
Corn caught a ride from beans yesterday and also got some help from concerns of too much moisture in Argentina. March corn closed the day up 4 cents while December corn closed the day up 3 ¼ cents South American weather is keeping much of Brazil dry and Argentina wet which kept sellers at bay in futures today. March corn continues to trade sideways between $3.42 and $3.69 as South Americas up-coming crop production and quality is unknown.
(An impressive 2016 crop continues to hold corn back, along with the uncertainty of the up-coming South American crop.)
Beans Down 4 as of 7:45
March soybeans closed the day Wednesday up 20 ¼ cents just a day after posting a new six week low. November bean futures closed the day up 15 ½ cents. Excessive moisture in Argentina was the big mover in beans yesterday. Progress of beans in Argentina right now is equivalent to early July beans in the US, so we are looking at a crucial growing time, and much more moisture could become a problem. Monthly crush data from USDA showed November soy crush at 170.7 MB, slightly below trade estimates of 170.9 MB.
(Keep in mind that part of the formula for last years big bean rally starting in early March was too much moisture in Argentina, something to keep an eye on as their crop progresses through the next month and a half.)
Wheat Minneapolis Down 2 & Kansas City Unchanged as of 7:45
March Kansas City Winter Wheat closed up 12 ½ cents and March Minneapolis closed the day up 7 cents Wednesday. This week's cold temperatures and dry conditions in the southwestern Plains may also be encouraging some short-covering Crop Conditions, only released for certain states so far on Winter Wheat put Oklahoma down 28% since November, Kansas down 8% and Colorado down 7% good to excellent.
(The Spring Wheat market continues to gradually work its way up, basis levels for the most part have held in there as well at select WG locations. For some producers holding Spring Wheat in the bins now may be the time to start looking at getting bushels marketed.)