February 14th, 2013
Happy Valentines Day!
Corn as of 7:00am. Mar. unchanged Dec. unchanged
Corn trading even this morning. The news has not changed. Poor export demand and lackluster ethanol production keeping pressure on the March futures. Ethanol numbers yesterday were a little better with production up 15 million barrels. These numbers are keeping pace with USDA predictions. Export sales out today. Trade guessing anywhere from 150,000 - 350,000 verses the needed 363,000 to keep pace with USDA predictions.
Soybean as of 7:00am. Mar. 2 lower Nov. 3 lower
Soybeans are trading lower this morning despite the little rally we seen yesterday. Soybeans got some push from weak precipitation over Argentina which did nothing to relieve stressed conditions. Pressure on the market this morning as there is another chance of rain forecasted this weekend. Export sales numbers out today. Trade guessing anywheres from 700,000 to 1 million metric ton. This could give us some support and possibly continue yesterday's rally. We shall see.
Wheat as of 7:00am. Spr. Wheat 4 higher. Win. Wheat 4 higher.
Wheat trading higher this morning as drier weather has moved back into the plains after little relief to the severe areas of drought. US wheat is also becoming more competitive in the export and feed markets. Trade looking to see confirmation in today's export report.