November 29th 2012
Drew Johnson
Grain Marketing Specialist


Corn
As of 7:45am Dec. down 1. Dec.’13 unchanged

Corn values moved slow yesterday after Tuesday’s gains. Trade is watching drought issues, with concerns over another dry year possibly coming our way. Mid-West soil moisture levels below normal. More rains still in the forecast for Argentina. Japan noting that their import of US corn maybe down 36% with indications that they will be going to S. America. Feed rationing may start raising its head as we see wheat being fed less. Failure to ration demand may require a price jump to curb feeding. Jan 11th report will tell lots.

Soybeans
As of 7:45am Jan.’13 up 9. Nov.’13 up 1

Another 290,000 tons US soybeans sold to China. Trade looking to see 500-625,000 of weekly exports at the end of this week, which is ahead of this time last year. Argentina rains continue to plague fieldwork. Brazil sitting pretty comfortable. Waiting and watching maybe all we can do.


Wheat
As of 7:45am Spr. Wheat unchanged. Win. Wheat unchanged.

Values gaining on drought concerns. Trade lowering export ideas, which in time could add to the ending stocks next year. Canada is actively selling and Ukraine hinting that it could export more wheat. Could traders be a little over anxious with drought concerns this early in the year?