Feb 13th 2014
Grain Marketing Specialist
Corn: As of 7:45- 1 higher
Corn continuing to chop around yesterday with oc months lower and Dec a couple cents higher. Old crop/new crop spreading noted on ideas of corn losing acres to beans. Hearing more talk of rail performance affecting ethanol plants ability to move product out. Weekly ethanol production at 902. Technically this market remains choppy as Mar has failed to push through the 4.50 mark. Export sales this morning at 1,270 for 13/14 and 71.1 14/15 exceeding estimates of 800-1,200 combined.
Soybeans: As of 7:45- 5 higher
Just when you thought you had seen it all. China is now inspecting bean cargoes for fm containing MIR 162. This along with cancellations of 272,000 tons of oc beans was enough to send this market lower. Most of that cancellation was basically a roll as they purchased NC of 240,000 tons. Technically 13.40 appear to be stout resistance as it tested that level again yesterday but failed to push through. Export sales this morning at 173.6 for 13/14 and 122.6 for 14/15 falling short of estimates of 600-950 combined.
Wheat: As of 7:45- 1-2 lower
Very thin news day for the wheat market as the wheat complex close unchanged to 3 weaker. Funds were estimated sellers of 2000 contracts of wheat. Technically all three of my indicators remain bullish KC and Mn wheat. Export sales this morning at 597 13/14 and 29.6 for 14/15 within the range of estimates of 450-750.