February 14, 2017
Producer Marketing Manager
Lots of red numbers on the futures market screen this morning……must be in honor of Valentines Day!
CORN: As of 7:45 – Down 2
Another big day of corn/soybean open interest increases yesterday as Corn was up 30K and Soybeans nearly 20K contracts. Solid export inspections yesterday on corn at 49.4 million bushels, above the range of 35-43 that was expected. Chatter in Mexico around their senate to introduce a bill this week to purchase corn from Argentina and Brazil rather than the US….something to keep an eye on in the coming days.
SOYBEANS: As of 7:45 – Down 6
Soybean export inspections released yesterday were at 42.1 million bushels, significantly lower than the previous week and at the low end of what the trade was expecting (40-51). The market couldn’t hold onto gains yesterday and ended up down 4 on the close and we are seeing continued follow through in the overnight trade. Argentine weather looks dry for a day or two and then more precip is expected.
WHEAT: As of 7:45 – MPLS down 1, KC Down 3
The KC Wheat market was stronger again yesterday on concerns about the crop emerging from dormancy too soon. This was all in spite of poor export sales inspections yesterday. Total wheat inspected for export was at 11.3 million bushels, less than half of last week’s tally and below expectations of 13-20 million bushels.