October 30, 2012
Producer Marketing Manager
Corn: As of 7:40, Up 4
Crop Progress Reports were delayed due to Hurricane Sandy’s encroachment on the east coast yesterday. We did get export inspections for last week and showed corn loadings at 15.5 million bushels, which was at the high end of the estimated range. In World corn news Argentina is only about 40% planted vs. 61% on average. Look for support around the $7.32 area as we have traded in this range.
Soybeans: As of 7:40, Up 6
Futures gave back all the ground it gained last week and closed 34 lower yesterday on improved weather conditions for South America. Northern Brazil is expected to get some much needed rains that will benefit what has been planted as well as give moisture in areas that needed rain before planting could occur. Even another week of strong exports could not provide any support to futures. Export inspections last week totaled 63.4 million bushels with China again taking most of that at 46.5.
Wheat: As of 7:40, MPLS Up 5, KC Up 6
Not much to say on wheat other than it continues to be quiet on the sales front and range bound on the price. Export inspections were poor this week at 9.7 million bushels, well below trade estimates and nearly half of the 10 week average. Below is the KC March contract.