January 16th 2014
Grain Marketing Specialist
As of 8:00am Mar. 3 higher, Dec.’14 2 higher
Ethanol numbers were down yesterday at 868,000 barrels versus 919,000 barrels last week. Total ethanol production is still at 10% above last year at this time. Export numbers at 821,000 versus 393,000 last year. We are still seeing corn hang around the $4.30 level.
As of 8:00am Mar. 9 higher, Nov. ’14 is 5 higher
Soybeans are up again this morning on strong Chinese demand. China bought 3.9 million bushels of 2014 US soybeans yesterday. NOPA crush numbers came in at 165.4 million bushels keeping the rate above USDA forecasts for the year. Export numbers 701,500 versus 1.6 million metric tons last year. Argentina stays dry! Major resistance is around $13.40 March futures.
As of 8:00am Spr. Wheat 1 higher and Win. Wheat 2 higher
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. Wheat exports 320,000 versus 536,000 last year. We will what the market does.