Sep 19th 2013
Grain Marketing Specialist
Corn: As of 7:45- 4 higher
The Fed announced yesterday that is holding off on tapering, this in turn sent stock market screaming higher lending support to grains. Corn closed 2 ¼ higher on spillover strength. Harvest is slowing pushing forward but with nearby premiums working out of the market and moisture still high we may stall for a bit. More than not seeing better than expected yields with the occasional report of disappointing yields. This morning we look to continue to nudge higher on spillover strength from the stock market and soybeans. Export sales at 437 in the middle of expectations of 350-650.
Soybeans: As of 7:45- 10 higher
Soybean harvest getting closer but likely still a week away. Announcement of China buying 1.93mmt and 182 tmt to unknown along with strength coming from outside markets helped beans close moderately higher yesterday and has us higher this morning. US canola yields seeming large. Technically we came 1/2c away from filling the gap before bouncing yesterday. Export sales this morning at 923.3 above expectations of 450-850.
Wheat: As of 7:45- 7-9 higher
Very little new news as wheat tentatively flows row crops. Exports sales out this morning for 13/14 crop 704.4, 14/15 -2.5 in the middle of expectations of 400-800. Technically Minneapolis wheat put in a new low yesterday as indicators look a little choppy maybe oversold.