January 31, 2018
Producer Marketing Manager
Unification of Wheat Growers and NCFE to Agtegra will take place on Thursday and Friday this week. While we will be able to purchase grain, all locations will be closed for receiving grain on the 1st and 2nd.
CORN: As of 7:45 – Down ¾
Corn was higher for a third straight day yesterday on spillover strength from the soybean and wheat market. Overnight the market took a breather as we could not take out yesterday’s highs. There was a wire yesterday about 2 companies in Brazil expanding and building new capacity for the production of corn based ethanol in Brazil.
SOYBEANS: As of 7:45 – Down 5
Beans made new highs for the move yesterday with the March contract closing above the $10 mark for the first time since Dec 8th. Most of the strength came from the dry/hot forecast for Argentina over the next 10-12 days as seen below. The runup in the futures market has triggered active farmer selling and end user basis levels have been on the defensive.
WHEAT: As of 7:45 – Mpls Up 1, KC Down 5
KC wheat continues to lead the way higher, as poor conditions & weather concerns in the HRW belt mount. The March KC contract has put in a 48 cent rally in the past five trading sessions. The Mpls contract remains bottled up and struggling with overhead resistance at the 6.17 mark on the March contract.