October 22, 2012
Producer Marketing Manager
Corn: As of 8:00 UP 3
This morning corn is trading a little higher on some noncommercial buying interest as we approach Friday’s highs around the $7.69 level on the Dec futures. The chart below shows resistance line that we have been trading into for the last month. Harvest is expected to be near 90% complete on this afternoon's report.
Soybeans: As of 8:00 UP 16
Posting decent gains overnight and into this morning on early morning weather forecasts for Brazil. Market is looking for good export inspections out this morning.
Wheat: As of 8:00 both KC and MPLS UP 7
Wheat market had some bullish news late next week with talk of Ukraine limiting exports due to supply problems. US Wheat exports have not been real impressive so far this year as world stocks so far have been selling at a discount.