January 9th 2012
Drew Johnson
Grain Marketing Specialist


Corn
As of 8:00am Mar. unchanged to a penny lower, Dec. unchanged to a penny lower

Corn holding its own yesterday as trader’s started to come out with report guesses. Ideas of lower production numbers along with continued poor exports. Feed projections seem to be all over, and ethanol limited. Corn continues to trade sideways into Friday. Weekly ethanol production and stocks numbers come out today. They have been lower these past few weeks, but still keeping pace with USDA estimates. Exports remain weak. Any lower production numbers on corn could easily be offset by the poor export numbers. Supplies look to remain somewhat tight for old crop 2013, which may produce better basis levels into spring. Future rallies will depend on bullish news about exports or weather. Key Support is around the $6.80 futures level and is holding pretty close to that for now.

Soybeans
As of 8:00am Mar. unchanged, Nov. 4 lower

Exports remain good and are expected to remain the same going into early spring. Trade is looking at the reported big crop numbers coming out of South America. Question is will they be able to move that crop to port and get it out of their country.  Soybean crush margins are still hanging in there. Soybeans trade sideways until Friday. Support around $13.67

Wheat
As of 8:00am Spr. Wheat unchanged and Win. Wheat a penny higher.

Wheat seems to be the one in line to receive some sort of positive news concerning new crop numbers on Friday. Old crop is still way behind on exports and wheat still has to price into the feed market. Support at $8.43 on spring wheat and $8.03 on winter wheat.