Oct 23rd 2013
Grain Marketing Specialist
Pretty light day as far as news is concerned…
Corn: As of 7:45- 2 higher
Corn traded lower on better crop ratings yesterday as we continue to consolidate in the 4.32 to 4.48 range. Harvest appears to have picked a little steam nationally but not quite as much close to home here. 5 day forecast does appear to give us a small window. Tomorrow USDA will release export sales info with a catch up report on the 31st.
Soybeans: As of 7:45- 5 higher
Soybeans held on above $13 yesterday settling 1penny lower. Increased crop rating has many awaiting the Nov 8th report to see if yield will be increased and whether or not exports will be adjusted. % day forecast looks to give us window to harvest beans with the 6-10 day looking less conducive. Technically this market remains bullish with resistance at 13.18 and 13.36.
Wheat: As of 7:45- 6 higher
Wheat decided to take front stage closing higher yesterday with Minneapolis leading the way with KC not far behind. The market will pay close attention to how Argentine wheat situation get hashed over. Export sales will be released tomorrow. Ag Ministry has Russia’s wheat planting at 80% complete.