February 15th, 2013
"When we are young we get blamed for crimes we never committed and when we are older we get praise for virtues we never possessed. It will all average out in the end." Casey Stengel
Markets are closed on Monday for Presidents Day
Corn as of 7:45am. Mar. 6 higher. Dec. 2 higher.
We are seeing some stronger markets this morning on some bargain hunting ahead of the three day weekend. Export sales came in yesterday at 11.2 million bushels. Basis continues to strengthen on tight old crop supply. Ethanol margins beginning to improve. The December contract is lagging as expected planted acres and wetter forecasts next week continue to pressure the corn market.
Soybeans as of 7:45am. Mar. 8 higher. Nov. 3 higher.
Soybeans are up a little this morning also. Soybean losses yesterday were accountable to China as they canceled 8.45 million bushels of old crop shipments. Rains in Argentina on Wednesday were better than expected with another chance for precipitation early next week. Record Brazil vessel lineups waiting to load soybeans. NOPA crush numbers out today with trade expecting a strong 160 million bushel crush. Tight US supplies should keep the bean market afloat as long as China stays hungry.
Wheat as of 7:45am. Spr. Wheat. 6 higher. Win. Wheat. 7 higher.
Wheat has continued to be a surprise as it battles for a spot in the export and feed markets. Weekly exports were reported at 26 million bushels with more deals expected next week. Pressure on the new crop as weather forecasts for the next 8 to 14 days show normal to above normal precipitation for the WInter Wheat Belt.