December 5, 2013
Producer Marketing Manager
CORN: As of 7:45 – DN 5
Yesterday corn found support from the funds covering some of their rather large short positions. They are estimated to have bought around 9000 contracts which put them at approx 102,000 contracts short yet. It also got a boost on a decent sized sale to Mexico confirmed yesterday as well as another strong weekly ethanol production number. Export sales out this morning were quite a bit lower than expectations (33-37) at 23.4 million bushels.
SOYBEANS: As of 7:45 –DN 7
Finished 10 higher yesterday after failing to take out Tuesday’s lows early in the trade. Export sales out this morning were under expectations at 29.6 million bushels. Trade was expecting 33-44. No China sales in the mix.
WHEAT: As of 7:45 – MPLS DN 3, KC DN 6
The weakest link of the grains as the Stats Canada release of larger than expected grain production pressured wheat fairly hard yesterday. MPLS ended up down 12 on the March contract and KC was down 7 on the day and we see continued follow selling today. Export sales were disappointing at 8.4 million bushels, nearly half of the expected 17-18 million bushels.