Feb 3 2017
Grain Marketing Specialist
Put the planters back in the sheds as Punxsutawney Phil saw his shadow yesterday we get 6 more weeks of winter…
It was an uneventful day yesterday as corn market for the most part traded sideways, running into some resistance at the 3.70 range. Not even new export news could get corn out of its funk, as it closed down ¾ of a penny. Corn continued its selling pressure into the overnight as it traded into a tight window as most contracts were down 1. Corn commitments continue to run ahead of last year’s pace at 40.2 vs 24.2 million tons. Movement across the country has slowed with recent colder weather.
Soybeans: 2-5 Higher
Beans had a similar day yesterday as they traded into a .10 window but could not hold onto any momentum as March closed only ½ higher. The Nov did a better job of maintaining the rally and settle up 6 ½. That all spilled over to the overnight sessions as we now are back to wet weather concerns in Brazil, as nearby markets saw a gain of 2 ¾ and new crop closed unchanged. Reports out there that Argentina is 100% planted on beans. Off the same report, 80% of the first crop and 76% of their second crop remain favorable.
Wheat: 2-5 lower
Wheat was to top performer of the day as we did see some decent gains yesterday in both KC at 3 cents and MPLS at 5 ¼. They could not carry those gains into the overnight as Spring wheat closed unchanged and KC dropped 1 ¼. Decent export sales and weather concerns were seen as top reasons for the push up yesterday. Spring wheat was the performer of the day on the export side of things as their commitments are well ahead of those for the last 5 years.