January 27, 2014
Grain Marketing Specialist – St Lawrence
Corn: As of 7:45 Unchanged
US cattle of feed down 5.4% from last year. March 31st stocks will re-estimate feed use. Funds short 38,000 corn contracts. China expected to eventually reject more US corn tainted by MIR162. Buenos Aires Grains Exchange pegs corn planting in Argentina as of Jan. 23 at 90%.
Soybeans: As of 7:45 2 Higher
Total US soybean sales 53 million bushels more than annual export forecast. Rains and cooler temps in Brazil and Argentina .Brazil is about 3-5% complete with harvest. Funds Long 150,000 soybean contracts.
Wheat: As of 7:45 2 Higher
US winter wheat deteriorating with cold and dry into april. Canada is plugged with wheat poor logistics. Funds short 56,000 Chicago Wheat contracts. India wheat crop with recent rains could be (100 mmt+).