February 24, 2014
Producer Marketing Manager
CORN: As of 7:45 – Down 5
Export sales out on Friday were better than expected at 27 million bushels on the week, but the corn market was overshadowed a little by the USDA Outlook Conference numbers that printed a rather large 2.1 million bushel ending stock picture for next growing season. On new crop corn the first retracement level of $4.695 is providing significant resistance. We have filled some targets right at this number last week.
SOYBEANS: As of 7:45 – Up 12
Beans are continuing the push higher and seeing some follow thru after a strong close on Friday. The March contract has eclipsed the old highs made back in early Sept and look to be poised at the old contract high of $13.9975. Dryness and heat in Brazil is causing some concern in the eastern portions, at the same time showers are causing some harvest delays in the North. Will it be enough to cause delays in loading in Brazil??? Continue to monitor export inspections......
WHEAT: As of 7:45 – Down 5
Export sales out on Friday were a bit light versus expectations. Weakness this morning looks to be in tandem with corn. Will we see more export business with the continued turmoil in Ukraine? Winterkill in the HRW areas this week???