February 15, 2017
Producer Marketing Manager
CORN: As of 7:45 – Down 1
Corn futures were mixed yesterday as the nearby months were slightly lower and New Crop contract months were positive on the day. The Dec contract closed at $3.99 ½ for the second straight day. We did get an export sale announcement to Japan to the tune of approx. 9 million bushels for shipment in the 17/18 crop year. The market is still mulling the Mexico tensions and activity around legislation to purchase South American corn over US corn.
SOYBEANS: As of 7:45 – Down 3
The soybean market was weaker yesterday and is showing more weakness this morning. NOPA crush numbers will be released at 11 am today and estimates are around the 158.7 million bushel mark, slightly less than last month’s posted number of 160.1. We dropped below the 20 day moving average yesterday and I would look for support at the 10.36 level on the March.
WHEAT: As of 7:45 – MPLS Down 1, KC Down 4
Similar to beans, wheat was lower on the day yesterday as well. Market will remain very sensitive to how quickly the wheat comes out of dormancy following the 80+ temperatures and dry conditions along the Western edge of the belt. The stronger dollar is also providing some headwind…..as shown below.