October 27, 2017
Producer Marketing Manager
It’s a bit breezy in the heartland again today……will the corn stay standing?
CORN: As of 7:45 – Down 1
Dec corn closed a half cent lower yesterday at 350 ½ as the market continues hang in a very narrow range. Nationwide Farmer selling is very light and today’s Commitment Of Traders report should be watched to see if spec are getting shorter. Seeing some basis improvement at some key demand points across the nation as harvest progress lags and prices stay lethargic. Export sales yesterday morning were solid giving some hope that the PNW will get some demand. The Dec contract is really getting compressed between the 20 and 50 day moving average…….will we get a breakout?
SOYBEANS: As of 7:45 – Up 1
The soybean market closed 4 cents lower yesterday. The Brazilian REAL was weak again as producers there continue to sell beans into the market and impact US price in a time when we typically own the world export. We did see good export numbers yesterday on soybeans. Harvest looks to be in its last 10% nationwide, and nearly all but wrapped up in the Dakotas.
WHEAT: As of 7:45 – Mpls Down 2, KC Down 1
Another sluggish wheat trading session with all exchanges ending the day in the red. KC closed 5 cents lower, Chicago 4 cents and Mnpls a penny. Export sales were within the range of expectations at 13.2 million bushels with HRS leading the classes at 5.4. Interesting to note that Brazil was a buyer of 600,000 bushels.