Nov 25th 2013
Grain Marketing Specialist
Corn: As of 7:45- unchanged
There was little news last week for corn as we continue to look for direction. Light farmer selling has firmer nearby basis and spreads virtually taking all cash carry out of the market. First notice day for the Dec contract is Friday which means all unpriced Wheat Growers basis fixed contracts and hta’s vs. the Dec will need to be dealt with by Wednesday. Please be in contact with you location or originator to make a plan. Harvest has all but wrapped up and bins are full. Please be mindful of grain quality. Leveling and coring bins etc can be helpful especially with higher moisture being tucked away and as always please keep safety in mind as you working in and around grain bins.
Soybeans: As of 7:45- 5 lower
Strong export demand and meal had Jan beans closing 39 higher last week. Rumors of a large purchase of US meal by China helped fuel the fire even though not confirmed and unlikely. Continued export demand has many feeling the 170 ending stock number is likely high. South American crop seeing favorable conditions leading many believe a record Brazilian crop. After last year’s SA loading delays one could make the case there still value in US beans.
Wheat: As of 7:45- 3 higher
Very little news as wheat did manage to stay off its lows Friday. Some snow cover seen for the winter wheat leaving others open to potential winter kill. Probably not a large concern but if you’re a bull grasping at straws there you go. Technically this market does look due for a recovery.