February 14 2014
Grain Marketing Specialist
Corn:1 to 2 Lower
A fraction firmer on old crop with a little weaker new crop yesterday as exports were decent and carried the old crop yesterday. The overnight was mostly firm which could have been supported form a weaker dollar. A report from Bunge says they will start to refuse any corn with traits not approved by China. The past 3 weeks of exports have been the best 3 week period since 2008.USDA’s baseline acres for 14/15 are 93.5 did make the news a little but is it relevant? The following has not really changed much on the technical side: March corn resistance is around $4.50 with support at $4.35
Soybeans: 5 to 7 Higher
A very good day yesterday with support from larger than needed exports and no cancellations reported. Firmer on the overnight as demand shows no sign of slowing down. The size of the SA crop is getting some attention along with weather still remains on peoples mind and how that weather will affect some areas. March beans hit 13.56 yesterday, blowing by a resistance point of 13.39.
Wheat: 3 to 5 Higher
Another decent close yesterday from good exports, we got close to taken out recent highs on MGEx and Chicago with Kansas bests yesterday ‘s highs slightly . Mostly firm on the overnight with any lower trade seen as light. The US winter wheat crop is getting closer to breaking dormancy, what will that be like??
No markets on Monday the 17th due to observance of Presidents Day.