December 4, 2013
Producer Marketing Manager
BBBRRRRR…….. and more Arctic air is on the way!
CORN: As of 7:45 – DN 1
March corn futures finished up 6 ¾ cents yesterday, within a penny of the high, as we bounce up against the 20 day moving average. Can we trade and close above this mark? Bearish discussion yesterday of China rejecting up to 5 more vessels of unapproved GMO MIR 162 variety (Agrisure Vipterra). Interestingly there is discussion that the Chinese may approve that trait as early as December 20th, we will have to see.
SOYBEANS: As of 7:45 – DN 5
Beans closed down a penny yesterday as weather continues to be OK in South America. Noted and well followed crop scout Michael Cordonnier put his Argentine crop guess at 56mmt (USDA was at 53.5mmt in NOV). Informa updated S. Am production: Brazil 88mmt +1.3, Arg 59.5mmt.
WHEAT: As of 7:45 – MPLS Steady, KC Down 1
Wheat was firmer on the day with some thoughts of increased export prospects and fears of winter weather issues in the U.S. Will the recent snowfall in the Dakotas be enough of a blanket to protect against the bitter cold we see in the forecast? Stats Canada’s wheat production numbers today were released at 37.53 MMT, higher than November’s estimate of 33.2 and higher than the expected range of 33.2 – 35.3!