February 10, 2014
Grain Marketing Specialist
USDA supply and demand report is out at 11am….see the trade estimates below.
Corn:1 to 3 lower
Report day, US carryout may see some tightening with Jan numbers at 1.63bb, the average trade guess today is 1.6060bb. Weather in SA will continue to impact the market. With light producer selling ahead of report, while export sales have built support for the market.
Soybeans: 2 to 5 better Nov is the leader
Carry out expected to be tightened and stronger exports..SA weather will remain in the news and Argentina remains too wet. With that being said will USDA make any changes to SA crop?? March futures are approaching old highs made in December around the $13.39 area.
Wheat:1 to 4 Lower
As far as the report goes not many changes are expect to US carryout. Some Winter Wheat areas received some beneficial snow cover over the weekend