January 6, 2014
Producer Marketing Manager
CORN: As of 7:45 – Up 3
More reports of China rejections of US cargoes of corn and DDGS. The first Ukraine boats are arriving at Chinese ports to fill the gaps left by rejected US cargoes, some are figuring they will export up to 18 million MT (or approx 700 million bushels) in this marketing year.
SOYBEANS: As of 7:45 – Up 4 Old Crop, New Crop Down 3
Weather in S America was OK over the weekend with some rains received in Southern Brazil. Rains are in the forecast for Argentina where things have been on the dry side. Early reports of the first harvested beans in Northern Brazil were around 40 bu/A.
WHEAT: As of 7:45 – MPLS up 5, KC up 7
The big surge of Arctic air all the way into TX has some concerned on the condition and heartiness of the Winter Wheat crop with little to no snow cover. Have we finally put a bottom in this wheat market?