February 11, 2014
Grain Marketing Specialist
Corn: Steady to Mixed
With a bullish USDA report yesterday, March corn was unable to test $4.50 on poor technical trading and December corn failed to close above $4.60. Ending stocks dropped to 1.481 billion bushels on better exports, going from 1.45 billion bushels to 1.6 billion bushels. The trade continues to be surprised by the strength and duration of export demand, which has been mostly un-affected by Chinese cancellations Weekly export inspections came in around 27.4mb well below the target pace which is 28.8mb per week. The markets focus will shift back to South American weather.
Soybeans:5 to 12 lower
`A poor close after USDA numbers were released which they left the carryout at 150mb after the market expected a reduction. Imports were raised 5mb, exports raised 15mb and residual 10mb. Export inspections were right around 57mb, well above the needed 9.6mb to keep pace with projections. There are still some market participants that expect some cancelations on US to China beans.
Wheat: 2 to 4 better
A very good close yesterday as all 3 wheat markets rally to 3 month high. Carry out was pegged around 558mb, down 50mb from the January report. Imports were up 10mb and exports up 50mb. Export do remain strong, well above last year’s pace.
Winter Marketing Meetings begin today in Redfield area at 3. For a meeting in your area see below.