Jan 21st 2014
Brad Olson
Grain Marketing Specialist

Corn: As of 7:45- 2 lower

Looks like the long weekend brought us some overnight weakness. Informa’s Friday estimates have corn plantings for 2014 at 93.3 which could be troublesome with trend line yields. Acres and to some degree weather will look to be in the driver’s seat for fundamental news in the short term as we are past the key USDA final production estimates. Technically 2 of my 3 indicators are bearish with support at 4.18H.

Soybeans: As of 7:45- 17 lower

It appears that over half of Argentina seen some sort of precip with cooling temps and more rain forecasted. This had soybeans on the defensive overnight. South American weather and logistical performance will be key in the days to come. Will China cancel US beans if SA loadings are at an adequate pace? Informa estimates 2014 acres at 81.26 last Friday. Technically 1 of my 3 indicators are bearish.

Wheat: As of 7:45- 1 higher

Cold temps and dryness look to be supportive overnight as KC and Minneapolis wheat a penny higher despite weakness in the row crops. Lack of snow cover and the cold weather have many concerned about winter kill is US HRW growing areas, dryness also a factor. Not sure if talking technicals is really relevant as the wheat market has brought a whole new meaning to “oversold”.