Jan 23rd 2014
Grain Marketing Specialist
Corn: As of 7:45- 2-3 higher
We had another uneventful day in the corn market yesterday with just a 5 ½ c trading range. We really didn’t have anything new to talk about with the exception of Japan purchasing 105,664 Tons of corn for 2014/15. With the shortened week exports sales will be delayed until tomorrow. We look to continue range bound with resistance at 4.35 and 4.40H.
Soybeans: As of 7:45- 5-6 higher
Soybeans drifted lower much of the day before surging late in the session to close just 1c lower in the front month. Talk of cancellations still weigh the market with no confirmation yet, although CIF NOLA basis dropping the last couple days would suggest this is real. Technically this market still looks weak along with the potential for a large SA crop right around the corner looking to limit gains.
Wheat: As of 7:45- 10-12 higher
Could this market be pushing higher on oversold conditions? I’m going to be a little careful with that statement... There does appear to be interest for US wheat right now and there is still concern that the cold snap has/will damage US HRW crop.