January 15th 2014
Grain Marketing Specialist
Today is Wheat Growers Annual Meeting. It will be at the Crossroads Hotel in Huron. Registration starts at 9:15 am. Meeting begins at 10 am.
As of 7:45am Mar. 2 lower, Dec.’14 3 lower
Corn is lower again this morning as if tries to hold around the 430 futures area. Remember, there was resistance at this level, and, as the chart shows below, may not be a bad place to make a sale. We need to get some fresh demand news to help hold this market. Ethanol numbers will be out today. Traders expect them to be a little lower than last week’s numbers. China, again, is actively testing DDG’s for the unapproved GMO trait. Resistance is at the 430 level. Without any good news, we could see the corn market start slipping again. Remember there is a predicted amount of 1.6 billion bushels that will be carried into next year.
As of 7:45am Mar. steady, Nov. ’14 is 2 lower
Soybeans are steady this morning. Yesterday soybeans managed to climb to $13.16 on the March futures before settling below the minor resistance of $13.10.We have finally got back to the trading range we were in during the month of December, which could possibly take us up to $13.40. NOPA crush numbers out today. The expected outcome is to be around 164 million bushels, which is 9.6% above a year ago. Argentina expects to be hot and dry, with no major rain chances until next week. Areas in Southern Brazil also seem to be turning dry.
As of 7:45am Spr. Wheat 1 lower and Win. Wheat steady
We got to see a bump in the wheat markets yesterday on weather scare news. The recent heat wave has melted snow in many parts of the Midwest. This is leaving the winter wheat vulnerable. A cold front is expected to come through next weekend. We will see how the market reacts.