Oct 24th 2013
Grain Marketing Specialist
I would say the weather forecast trumps market conditions for most of the readers so I attached a couple weather maps. We appear to have a small window particularly for the remaining 1/3 of soybean harvest. Wheat Growers has taken steps to accommodate wetter soybeans so please stay in contact, as communication will be important to efficiently and effectively handle higher moisture soybeans.
Corn: As of 7:45- unchanged
The corn market continues to be range bound between 4.32 and 4.47 as harvest looks to pick up steam. USDA reported a sale of 210 tmt of US corn to Mexico yesterday. Solid exports are competing with ideas of 14+ billion bu. crop leading to this sideways drifting of the corn market. Plenty of harvest in front of us and what will the Oct 31 export sales catch up report and Nov 8 S&D tell us??
Soybeans: As of 7:45- 3 lower
4th day in row of closing above $13…. 13.18 still look to remain as resistance as we ran right against it again yesterday. Other than that there is not a lot of new news. It appears a guy will have to “make hay while the sun shines” the 3 days to get that last 1/3 of harvest.
Wheat: As of 7:45- 2 higher
Seeding in the Black Sea area, harvest looking to start in Australia, big Canadian crop, US export sales solid but at the low end of expectations. The wheat complex continue to consolidate as it juggles the that list of items. Technically this market looks over bought and due for a correction but it has looked that way for about 2 weeks now.