December 6, 2017
Producer Marketing Manager
If you are free tomorrow……SD Soybean Association’s Ag Outlook is going on in Sioux Falls…..you can find out more information and register at sdsoybean.org!
CORN: As of 7:45 – UP 1
For the second day in a row the Corn market traded higher early in the session on the pull from the soybean rally, but couldn’t hold the gains and settle back near unchanged. Looking at the March futures, we see resistance at the 50 day moving average of $3.60.
SOYBEANS: As of 7:45 – Up 3
The soybean market was up all day yesterday as the market remains nervous over the dry weather in Argentina. The 10 day looks dry and the market is pivoting on what the longer term forecasts show for precip. Keep in mind that their growing season timing is equivalent to May in our growing season. Still time for precip to improve production. We are not alone……due to “low” prices in Brazil soy country, producers are using the barter system to purchase inputs at the greatest percentage in a decade.
WHEAT: As of 7:45 – Down 4
Stats Canada is out with their final crop estimates today. According to reuters trade estimates, traders expect to see production of 28.0 million metric tons for all wheat, a 2.5 million metric ton increase over a StatsCan survey released in August.