Feb 1 2017
Grain Marketing Specialist
Corn: 2-5 Lower
Corn market managed slight gains after a wild Monday trading session. We saw a tight trading window all day as corn closed up 2. Unfortunately, that strength did not carry over into the overnight as most contracts slipped fractionally. For the month of January, corn was up 2.2% or 9 ¾ cents We are seeing a decrease in a corn line up down in SA right now as corn stocks are lower. Weekly ethanol data will be released later today. Ethanol RIN’s got whacked again yesterday, down on RFS worries with Trump Admin. US weather seems to stay Mild for the most part in the forecast.
Soybeans: 5-8 Lower
Soy complex had a quiet after the sell off on Monday, but failed to gain much traction through the day bouncing around until settling in the positive at the close. Like corn that did not carry into the overnight as pressure still remained as most of yesterday gains were taken away. The amount of vessels expected to load soybeans out of Brazilian ports over the next month is up 97% year over year. For the month of January, soybeans were up 2.8% or 28 cents. Soymeal was up $21.70; Soyoil was down 0.57. Soybean crush numbers will be released at 2pm.
Wheat: 3-5 Lower
Wheat market was mixed yesterday for the most part as Chicago was the best of the bunch, KC posted a 3 ¾ gain but MPLS dropped 2 ¾. In the overnight MPLS had a tight trading window and settle down fractionally but KC had all its gains taken away as it was down 3 ½. For the month of January, Chicago wheat was up 12 ¾ cents, KC wheat was up 11 cents, and Mpls wheat was up 10 ½ cents. In last month’s monthly HRW wheat condition data, it showed that we had declines in conditions scores. This months were mixed, as Oklahoma saw a big improvement but Texas saw some decline. We will have to rely on monthly data reports until April 3. Here is a table that shows the current conditions and the declines since the last national report at the end of November.