February 12 2014
Grain Marketing Specialist
Corn: 1 to 2 lower
Other disappointing close on friendly number on Monday, as march corn at $4.50 and December corn at $4.60 seems to be the resistance. There is still about a $.05 carry into the May and a $.10 carry into the July, so a working target may be a great option moving forward. Do you have one working for you? Debate will continue on 2014 acres on corn, many farmers say they are switching to beans, we will have to wait for the March report to see what comes of that.
Soybeans: 1 to 3 lower
A great close yesterday only to erode away on the overnight trade. China did cancel some old crop soybean and bought some new crop this morning. South American weather remains a driver as storms are moving through Brazil. Some analysis report that 80 million acres will be planted in 2014, that is up from 76.5 million from last year.
` Good close yesterday as wheat tries to climb out of multi year lows but closed slightly down to unchanged on the overnight March spring wheat closed at $6.61 was the highest close since December, similar to corn a target may be a considered. Winter wheat did get above its 40 day moving average for the first time since October.
We will continue our Marketing Meeting today, would be a great chance to get some great insight on the markets.