Grain Marketing Specialist
Export sales out this A.M.
Do you have bushels on the farm that need to be moved? Lacking the personnel or equipment to get it moved into town? Speak to your nearest Grain Marketing Specialist about our “FOB The Farm Program”
Corn Unchanged as of 7:45
March corn has managed to end the day in the green for the last five trading days, tacking on another 1 ½ cents yesterday closing the day out at $3.6125. Ethanol run numbers were released yesterday, a day late due to the holiday. Last weeks production number set a new record high at 1.043 million barrels per day, a 15,000 barrel per day increase. Ethanol production numbers have come in over 1 million barrels per day for the last two and half months.
(Cash corn prices continue to fight their way upwards thanks to increased demand this winter. The biggest bearish concern for corn right now is the size of South Americas next crop.)
Beans Down 7 as of 7:45
March beans closed the day Thursday down 2 ¾ cents. Traders are still trying to get a good feel on what exactly the weather situation in Argentina is going to do to production. Yesterdays 8 cent trading range painted an uncertain picture for now until we see some solid numbers. Argentina planting is considered to be just shy of 93% complete up 9% from last weeks progress. Argentina is expected to see scattered showers the next 1 to 2 weeks, and even with drier weather in Brazil early yield predictions look to be above average for the time being. Grupo Bom Futuro, one of Brazils largest farming groups is predicting soybean yields to be up 10 percent at around 53.5 bushels an acre.
(South American weather concerns and the uncertainty of the extent of the damage continue to grab most of traders attention. USDA’s next crop estimate hits the airwaves on January 12th along with the quarterly Grain Stocks report)
Wheat Minneapolis & Kansas City Unchanged as of 7:45
March Kansas City Winter Wheat closed the day yesterday up an even 8 cents and Minneapolis Spring wheat posted its highest close in six months up 5 ¾ cents at $5.5025. The weaker dollar and lower Kansas and Oklahoma crop condition numbers this week continue to add fuel to the fire in the wheat markets. The longer-term concern is a lack of moisture and the forecast for the next seven days is offering no help in that department.
(Spring Wheat futures continue to claw their way into the green posting their 5th positive day in a row on Thursday, and posting their highest close in almost half of a year. With key wheat producing areas being short on moisture and the recent cold snap, this is a market to definitely keep an eye on)