January 4, 2018
Producer Marketing Manager
The USDA Jan Supply/Demand, Quarterly Stocks, and Winter Wheat Seedings report is out next Friday…..Do you have all your sales objectives set and Target offers placed?
CORN: As of 7:45 – Down 1
Corn settled slightly lower yesterday after bumping the 50 day moving average at $3.55 on the March contract. Domestic demand has been solid as corn ground for ethanol is running 3.8% ahead of last year’s pace…..USDA was figuring 1.6% increase over last year. The cold temps have also caused some ice issues on the ILL and Miss river this week and is causing some disruption in barge movement. This is firming up freight (barge/rail) just a touch and likewise the futures spreads are tightening a bit.
SOYBEANS: As of 7:45 – Down 3
Soybeans closed the day 4 cents higher yesterday in tandem with the HRW market. Argentina was dry over the last 24 hours and forecast is for normal rains across 75% of their soybean belt. Export sales will be pushed out to tomorrow due to the New Year’s holiday on Monday. With the ILL river shutdown, the export market seen some pop in values yesterday both at the Gulf and PNW…..not sure how long this will last as it seems to be a spot movement issue.
WHEAT: As of 7:45 – Mpls Down 2, KC Down 3
The HRW market was higher yesterday as the market tries to digest the potential damage the cold and dry conditions that have hit the southern plains. Overnight we took a little breather as both the KC and Mpls are down 2-3.