January 17th 2014
Grain Marketing Specialist
As of 7:45am Mar. 2 lower, Dec.’14 2 lower
Corn is lower again this morning on continue selling. Support is at $4.10 March futures. There is nothing stopping it from revisiting the low. December corn, for any new crop sales, could also revisit the low is at $4.35 futures. Don’t let sales for nearby and new crop get away from you.
As of 7:45am Mar. 9 lower, Nov. ’14 is 1 higher
Soybeans are leading the market down this morning on follow through after a reversal lower yesterday. Yesterday’s export numbers were very good, but this news did not seem to carry the soybeans higher. We are just seeing some selling here this morning. We are still watching weather in South America. Argentina is still hot and dry with highs in the 90’s, with small chances of rain until late next week. With the reversal lower we now see support at $13.00 March futures.
As of 7:45am Spr. Wheat 1 lower and Win. Wheat 2 lower
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 is just holding on.