November 29, 2017
Grain Marketing Specialist
CORN – As of 7:45 – steady
Corn saw another contract low during yesterday’s trade, touching 335¾ and settling at the previous low of 336¼. The next level of support is the Aug 31 low of 328½. China is buying corn, but it seems as though that is considered routine business at this point. Import margins in China over $1.00 per bushel right now, but it’s difficult to determine how much of that imported corn will be out of the US vs. South America vs. the Black Sea region. It is currently cheaper for them to buy corn on the world market than it is to take advantage of their (already ample) domestic supplies. Flash sale this morning – 101,600 metric tons sold to unknown for 17/18 marketing year.
SOYBEANS – As of 7:45 – down 1
We have been bouncing around the $10.00 mark on the nearby January bid. It seems as though that could be considered resistance right now as we have a difficult time holding above the threshold. Currently, we are about a dime below that number. Good news – the Nov 18 contract is currently at $10.03 – definitely not a bad place to start on your new crop sales! Brazil continues to get beneficial forecasts, Argentina continues to be dry. It has been reported that about 40% of the bean growing regions in Argy need rain and parts of Cordoba are already considered to be in a drought stage. However, these weather conditions can change at any time. In Argentina, about 65% of the country is looking to receive heavy rains this weekend. Flash sale this morning – 263,000 metric tons sold to China for 17/18. Below is a look at the Jan 18 chart...
WHEAT – As of 7:45 – Mpls up 1, KC up 3
After putting in new contract lows in Kansas City, the market managed to close higher yesterday – a small victory for winter wheat bulls. Minneapolis is doing its best to stay above the $6.00 threshold, although it was breached yesterday, with a low of 595¾. Russia continues competitiveness on the world market, and sold 120k MT to Egypt yesterday. Below is a look at