February 16, 2017
Producer Marketing Manager
CORN: As of 7:45 – Steady to down 1
The corn market continued its strong performance yesterday as funds continued to buy commodities. Logistics were in the news yesterday as it was rumored that Japan bought a few cargoes from China (US Boats en route?) due to the issues that the PNW is facing…..also heard of a few March boats getting switched from the PNW to the Gulf due to the mess out there. Export sales out this am were toward the bottom side of expectations on old crop corn as shown below.
SOYBEANS: As of 7:45 – Down 1
Beans were lower to start the day yesterday, but caught fire and finished up 16 by the end of the day. NOPA crush was released yesterday and was about 1.5 million bushels over average trade guesses and provided some support. Weekly export sales this morning were decent on soybeans at 32.7 million bushels, just above the expected range of 18-28 and double last week’s dismal sales number.
WHEAT: As of 7:45 – Down 1
Everything was higher in the wheat markets, with the exception of the March Minneapolis. Wheat sales were above expectations this am, with a large portion of that being white wheat off the PNW.