February 2, 2018
Producer Marketing Manager
Its Groundhog Day…..expectations are that Phil will see his shadow and an extended winter.
CORN: As of 7:45 – Steady
Corn had a solid close yesterday, especially when you look at how soybeans finished the afternoon. Support was seen in the weaker dollar and strong export sales for the week. The March contract has been bumping against $3.62 for the past 4 trading days. EPA chatter this morning regarding a Pennsylvania Refiner that is blaming RFS costs as the cause of their bankruptcy filing…
SOYBEANS: As of 7:45 – Down 6
South American weather is providing volatility….. worries out of Argentina are still there, but with Brazilian production forecasts inching higher, it may offset the Argentine losses. We are weaker again overnight and the March contract is trading right at the support level of 9.78 (20 day moving ave).
WHEAT: As of 7:45 – Mpls Down 4, KC Down 3
Mpls wheat closed higher yesterday as it shrugged off weakness in the bean market. KC ended up steady after spending much of the day in the red. As in corn, the dollar weakness is a contributor to the strength. Southern plains update……bulk of Western Oklahoma has gone nearly 4 months without a rain event exceeding 1/10th of an inch and 25% of the state is now classified in extreme drought.