January 13th 2014
Grain Marketing Specialist
As of 8:00am Steady.
Corn is managing to hold on to Friday’s information. USDA’s total production numbers has corn at 13.925 billion bushels versus the 13.989 that was predicted earlier. Ending stocks are seen at 1.63 billion bushels. This number is still very adequate. Feed and ethanol numbers were higher. Resistance levels have been reached. We need to have a good close above $4.33 futures to keep this thing going.
As of 8:00am Mar. 5 lower, Nov. ’14 is 1 higher
Soybeans are still heading lower despite tight US ending stock predictions. We did see the market get close to the $13 futures level on Friday on news of another export sale to China. Trade is more interested in South American weather. Brazil seems to be good. Argentina, on the other hand, is dry. Below are some vegetation maps that show this year versus last year. Support at $12.62 March futures.
As of 8:00am Spr. Wheat 2 higher and Win. Wheat 1 higher
The USDA increased ending stocks, in wheat, by 33 million bushels. Export expectations were increased, but the feed use number was lowered. Winter wheat seedlings came in lower than predicted at 41.892 million. Sales of US wheat were reported to Taiwan and Egypt.