Sept 14, 2017
Grain Marketing Specialist
Corn: Up 2-4
Corn saw a post report bump early yesterday but spent the rest of the day with choppy trading and settled unchanged. We did manage to stay above the support leave of 3.50 and next level is 3.44 ½. We are seeing a pop on the overnight as Dec is up 2 at 3.53. Chinese corn futures were up on talks of the country going to a 10% ethanol/gasoline mixture by 2020. On a cents per bushel conversion, Chinese corn futures were up 6.25 cents overnight, up 4 from last Friday. Ethanol production dropped off on a week to week basis and stocks were sideways. Exports sales est. were around 800-1.0mmt.
Soybeans: Up 3-5
Bean complex had a decent showing yesterday as meal again pushed beans higher and closed a dime higher. That momentum continued in the overnight as Nov was 5 cents higher at 9.66. Also supportive is China demand for both meal and beans. Export sales were at 1.0 to 1.3mmt. We did see a sale to Mexico yesterday for 167tmt. The 6-10 day forecast indicates a warmer and drier weather pattern for the eastern half of the United States. Chances of precipitation look likely for the Midwest and Northern Plains.
Wheat: HRS: 1-3 lower: KC 2-3 Higher.
Wheat put in a modest gain yesterday as both KC and HRS was up a couple of cents, but HRS could not hold that price up on the overnight as it slipped fractionally. KC on the other had popped up 3 cents. Weekly export sales are to be pegged around 350-550tmt. For those carrying wheat on the farm pay attention to spreads. As MWZ/H is 12 cents and KWZ/H is 17 ¾.