October 17, 2012
Grain Marketing Specialist
As of 7:10am Dec up 3. Dec ’13 unchanged to a penny higher.
Corn values consolidating yesterday after Monday’s sell off, but the market still seems to be weak at the moment with “normal” corn supplies following harvest. 79% of the corn crop is harvested. Well above the national average at this time. Trade also is watching South American planting with good rain forecasts coming in for the week. Some traders still believe that prices have to go higher to curb feed demand. Time will tell. We are still seeing support around $7.03.
As of 7:10am Nov unchanged. Nov ‘13 up 6
Soybeans also consolidated after Monday’s losses. USDA announced 110,000 tons of soybeans sold to unknown yesterday morning. Despite fear of a very tight supply this coming spring/early summer trade is reacting to usual ample harvest supplies. The larger US soybean crop and the soybean crop predicted out of South America is also helping prices relax as we go into finishing the year. Talk of now that purchasers of our soybeans have purchased enough to remain adequate until South American harvest. Overall we can see soybeans now sliding a little more until the Trade can get a better handle on the information out there. Support around $14
As of 7:10am Spr. Wheat up 7 Win. Wheat up 3
Wheat values following row crops. US export values are becoming more competitive with traders still lowering US wheat export ideas with lack of ongoing business. Trade is also skeptical of USDA’s stocks and implied feed expecting to find more wheat stocks in coming reports. Wheat will still follow corn. Spring wheat is still bouncing between $9.17 and $9.58. Winter wheat is between $8.62 and $9.48.