Jan 18th 2013
Grain Marketing Specialist
Grain Markets will be closed Monday January 21st in observance of Martin Luther King Day
Corn: As of 7:30- 3 higher
Improved export numbers was not enough to keep corn trading higher yesterday. Talks of continued slow/shut down from more ethanol plants along with Wednesdays low ethanol production estimate had corn settling 6 ¾ lower. Informa will come out with re estimates on planting intentions today their last estimate had corn plantings at 99 million acres. Technically we tested but not broken the 7.34 mark I have been talking about if we do it would open us up to 7.68. I look for support at 6.79.
Soybeans: As of 7:30- 3 higher
Soybeans settling 6 ¼ lower yesterday after USDA reporting the largest weekly export sales of the marketing yesterday at 1.61 with China taking 845,000. Profit taking was noted. Large SA crop looming seemingly capping this market but can SA logistically handle cutting US out of the mix completely? Momentum indicators remain bullish with funds long 87,000. Informa’s last acreage estimate at 78.9.
Wheat: As of 7:30- Winter 1 lower /Spring 1 higher
Spillover weakness from other commodities and exports within range kept wheat on the defensive yesterday. Forecast looks to bring some colder temperatures next week adding concern about a winter wheat crop with no protection. Informa last estimate for winter wheat at 42.2 with USDA at 42.2. We will see if any changes will be made today.