Grain Marketing Specialist
Wheat Growers Winter Marketing Meetings featuring Advanced Trading (ATI) are coming up. Speak with your nearest Grain Marketing Specialist to RSVP.
Corn Down 2 as of 7:45
May corn closed the day yesterday up 8 ¼ cents, still getting bullish support from the anticipation of expanded E15 sales even though the White House denied a new executive order is in the works. Brazils second corn crop planting continues, but may be slowed down in the Central part of Brazil due to wet conditions. Ethanol production numbers for last week were unchanged at above a million barrels per day at 1.034 million.
Beans Down 6 as of 7:45
May beans closed the day yesterday up 16 cents with help from a strong soybean oil market. Yesterday, the USDA crush report showed a soybean crush of 170.6 million bushels compared to an estimated 169.3 million bushels. The traffic backup on Brazilian highway BR-163 continues to be an issue. An estimated 3,000 trucks hauling soybeans are blocked by swamps created by heavy rainfalls.
Wheat Minneapolis Down 3 and Kansas City Down 2 as of 7:45
Minneapolis Spring Wheat closed up 11 ¼ cents and Kansas Winter Wheat closed the day up 13 ¾ cents Wednesday. Weather concerns in the western plains are starting to show as they have been warm and dry. There are also dryness concerns in the southwestern plains, and the weather forecast looks like it will not be much help in the way of moisture. Ample supply of wheat continues to be the biggest bearish influence holding wheat back.