December 17, 2013
Producer Marketing Manager
CORN: As of 7:30 – Steady
Corn closed lower yesterday as export inspections were below trade expectations. Trade talks with China are scheduled for this Thurs and Fri….will they get the Vipterra situation and cargo rejections behind us? Dec 14 made new contract lows yesterday before closing back above $4.50. Rail performance problems continue on the BN as shuttle sets for December are bid at $3000/car and offered at $4000/car last night. That is an extra $0.75-$1.00/bu just to buy a train to load.
SOYBEANS: As of 7:30 – DN 4
Beans were stronger out of the chute yesterday following a lackluster overnight session. Export inspections were strong at 62.5 million bushels, with 36.7 of that loaded for China. With another round of export sales expected this Thursday we will find ourselves with 98% of projected export sales already on the books. We still have many weeks to go to get to S American supplies.
WHEAT: As of 7:30 – MPLS and KC Steady
Continues to struggle to find traction amid large world supplies. Inspections yesterday tallied 17.6 million bushels, which was what the trade was expecting. Iraq tendered for wheat and the business went to Australia at a $0.50/bu discount to US offers.