January 19, 2018
Producer Marketing Manager
CORN: As of 7:45 – Up 1 ½
Higher overnight as we straddle the 50 day moving average on the Mar and Dec contracts. The weekly ethanol run rate picked up nicely after last week’s sub 1MM barrels per day to 1.061MM. Export potential to Brazil continues to grow even with the 20% tariff. Chatter is that they will drop the tariff, but comes at a cost to something else…beef? Export sales were huge this week at 74.3 million bushels!
SOYBEANS: As of 7:45 – Up 4
Beans are trading higher for the fifth trading session in a row as the March contract looks to test the $9.84 area after breaking through the 20 day moving average. Keep an eye on the Nov contract as we have traded back near the $10 mark. Soybean export sales were large at 45.6 million bushels, more than double last week’s tally.
WHEAT: As of 7:45 – Up 2
Lacking much in the way of fresh news, the dry conditions across the HRW belt are still catching most of the headlines and keeps the KC market a little more positive than the Mpls contracts. Unlike row crop exports, Wheat export sales were below the lowest trade estimate at 5.6 million bushels. We need 12.6 each week to hit the USDA export number…..