February 6, 2017
Grain Marketing Specialist
Thursday February 9th Monthly USDA S & D report is out at 11:00 A.M.
Corn: up 2
The Corn market was weaker on Friday on selling pressure from the top end of the range and pushing up against resistance at the 200 day moving average. The March 2017 contract closed at 3.65 ¼ on Friday. A year ago the March 2016 contract closed at 3.65 ¾ . Export inspections will be out this morning at 10:00 A.M. CST and we will need 45.2 mbu. To meet USDA expectations, last week was 41.8 mbu. So far, for the year export commitments are 71% of what the USDA is expecting, vs the 5 year average of 66%.
Soybeans: up 10
This past weekend southern parts of Argentina received moderate amounts of rain and the 5 day forecast looks to be wet. South America is experiencing on of the wettest February’s on record. To the North, storms continue across northern parts of Brazil’s corn and bean areas over the next 10 days with expected accumulations of 3” to 6”. Just to put into perspective, on Friday the March 2017 contract closed at 10.27. A year ago Friday the March 2016 contract closed at 8.67 ½.
Wheat: Minneapolis unchanged and Kansas City up 3
The Black Sea region experienced another cold snap this weekend, but with sufficient snow cover winter kill is expected to be minimal. Wheat export inspections need to be 19.9 mbu this week to meet USDA, last week was 11.8 mbu. On Friday the Minneapolis March contract closed at 5.59