Grain Marketing Specialist-St.Lawrence
Corn as of 7:45-Down 2
Sub zero temps have the river jammed up and rail/truck logistics running slow at best. EPA comment period on proposed RFS changes ended yesterday and now we wait for a final decision which likely takes 60-90 days. Any reduction in the RFS will then likely be challenged in court. Argentine and Ukraine unrest is ongoing keeping their export potential uncertain. China bird flu issues seem to be growing with some live markets being closed to prevent flu transmission.
Soybeans as of 7:45-Down 5
USDA Attaches Brazil raises their prod estimate to 89.5mmt, USDA is currently 89mmt. Attaches also raises Brazil bean export figure to 46mmt vs USDA at 44mmt. Unrest in Argentina continues to be a concern as inflation concerns have put farmer sales on hold and some of their crush plants are having to close or run at around 60% of capacity. Crush margins in China continue to be dropping over the last 2-4 weeks and makes one wonder if they really need US beans for Jan and Feb shipment versus much cheaper beans out of Brazil in 30-60 days.
Wheat as of 7:45-Spring Down 2 – Winter down 3
MWH sees new contract low overnight. Egypt bought 60,000 MTs of US wheat yesterday, along with 180,000 MT from Russia. The US is competitive. Spring wheat is still struggling with Canadian competition.