November 11, 2013
Producer Marketing Manager
A Salute to our Veterans!
Corn: As of 7:45 Up 3
Continued buying overnight after Friday’s USDA WASDE report. U.S. Corn Production was pegged at 13.989, up 146 mbu; Ending Stocks, 1.89, +43. This was just a little lower that what the trade had anticipated. Dec corn has turned a little and is testing the 20 day moving average around the $4.34 mark.
Soybeans: As of 7:45 – Down 5
Solid gains following the WASDE report met some selling activity overnight and has us lower this morning. Soybean Production +109 mbu to 3.258; Ending Stocks to 170 mbu, 20 more than the September report. Planting going well in South America with Brazil nearly 50% finished and Argentina around 11% complete.
Wheat: As of 7:45 – MPLS Up 1, KC Up 3
Wheat closed slightly weaker on WASDE Friday. Wheat ending stocks were nearly unchanged from September at 565 mbu. Supply was up 26 mbu on an increase in both imports and production, while usage bumped 22 mbu, primarily on an increase in feed/residual.