January 10, 2014
Producer Marketing Manager
It’s all about the report……due out at 11:00 AM. It is setting up for some highly volatile swings, do you have targets placed for your price objectives?
CORN: As of 7:30 – Down 3
We made new contract lows on the March corn contract yesterday as it traded down to $4.08. Numbers to watch: Production @ 14.06 billion bushels, Yield @ 161 and Carry Out @ 1.844 billion. Watch world carryout….
SOYBEANS: As of 7:30 – Up 4
Beans were mixed on the day as old crop found some traction on another USDA reported sale to China while new crop struggles to gain any ground. Numbers to watch: Production @ 3.278 billion bushels, Yield @ 43.3 and Carry Out @ 149 million. It will also be interesting to note where S American production will land as average guesses for both Brazil and Argentina production are larger than the December.
WHEAT: As of 7:30 – MPLS Up 3, KC up 1
Spring wheat continues to be the leader as poor logistics continue to draw down pipeline supplies to the domestic mills. Spot cars are trading at a hefty premium, if you can get them in and loaded. Numbers to watch in this morning’s report: Carry Out @ 557 million bushels (slightly lower than the Dec #), and World Carry out @ 182.57 Million Metric Tons.