Grain Marketing Specialist
Corn: As of 7:45- 1 higher
Nothing surprising coming from export sales and just overall very little new news kept this market firming in a 2 ¾ c trading range yesterday before settling ½ c lower. Overnight looks to be more of the same. These are kind of the dog days through the holidays for genuine market moving information.
Soybeans: As of 7:45- 4 higher
Yesterday’s sell off can be attributed to a better SA forecast. Overnight we are trading in the black as we must be waiting to see if moisture actually hits the ground over the weekend. NOPA crush released at 11 CST with estimates ranging 161-165. Technically Look for support for SF at yesterday’s lows of 9.665 and resistance at 9.85 and 9.96. SA weather will remain in the forefront until we work closer to US planting intentions. Corn/bean ratio still favoring soybean planting even after this week’s weakness.
Wheat: As of 7:45- 1 to 3 higher
Solid exports and short covering can be linked to yesterday’s firmness in the wheat complex. Drought monitor released showing an expanding droughty area through much of the US growing areas. That being said a 44% stock to use ratio and the fact that it is Dec will hang over this market. But definitely worth monitoring going forward.