Morning Market Insight
Grain Marketing Specialist
Last Trading Day of 2017!!
Thank you for your business this past year! We look forward to serving you in 2018 and many years to come! Have a safe and Happy New Years!
Corn as of 7:45: Down 1
Another very quiet overnight trade as corn stays in a 1 cent trading range. Ethanol stocks were also down 0.829 mil barrels at 22.031 vs.18.683 LY. Bolivia plans to implement an ethanol blending mandate that will begin at 10% and rise gradually as the country’s biofuels industry increases its production capacity. Option Volatility remains at multiple year lows making min price contracts a great tool to manage price risk.
Soybeans as of 7:45: Up 2
Beans trade in a range of 4 cents on the overnight. We are now buying beans off the March futures. China Soymeal Drops to 2-Month Low on Record Crush. Argentine Soy Industry Workers to Go on 24-Hour Strike at crush plants across the Parana river port after fatal explosion that has killed 2 so far. Argentina Soybean Planting 81.9% Complete. US soybean protein average of 34.1 percent per bushel protein content was tied for 2008 as the lowest since it was first measured in 1986 while Brazil beans come in at around 37 percent protein making them a better option for feed usage.
Wheat as of 7:45: Unchanged
Wheat sees a range of 1-2 cents on the overnight. Most wheat areas in China’s north are forecast to have warmer temperatures in January with normal moisture that should be beneficial for crops. Ukraine's Winter wheat area up +2.8% over last year. Artic air forecasted for the plains throughout the weekend.