Dec 30th 2013
Grain Marketing Specialist
Corn: As of 7:45- 3 lower
Light holiday trade on Friday giving us just a 3c range before settling 1 ¼ higher. Export sales were decent at 1.478mmt for 13/14 and 509.2tmt for 14/15. Ethanol production at 926 down minimally from the prior week. Trade will continue to watch China for more rejections of either corn or ddg’s as there is little else to influence things for a while.
Soybeans: As of 7:45- 13 lower
Export sales on Friday at 720.2tmt for 13/14 and 68.1 tmt for 14/15. First notice day for the Jan contract is tomorrow. Favorable SA weather pressuring soybeans this morning with good precip falling over much of Argentina and additional rains in the forecast.
Wheat: As of 7:45- 3-4 lower
A stout 596.9 tmt of export sales on Friday wasn’t enough to excite the wheat market as it settled mixed. Overnight MW put in new lows and KC tested them. Plenty of wheat in the chain and no weather to focus on have this market seeing lower as the path of least resistance. Technically this market looks to be oversold but then again it has for weeks.