February 26, 2014
Producer Marketing Manager
CORN: As of 7:30 – Down 2
The corn market is having a tough time trading thru the $4.56 area on the March contract AND the $4.69 ½ level on the Dec is providing significant resistance. First notice day for the March contracts are this Friday. If you have any unpriced Basis Fixed or HTA's contracts with us versus the March they need to be rolled or priced by noon tomorrow. Below is the Dec corn chart.
SOYBEANS: As of 7:30– Down 5
Early yesterday morning the USDA mistakenly reported another sale of 13/14 soybeans to China. It was later corrected to “unknown destination”, nevertheless it is another sale of beans in a tight year and got the market stirred up yesterday. The May contracts surged higher and looked to test the old contract high of $13.95 ¾. The March contract did make new contract highs at $14.00. Nov beans pushed up to $11.70 before settling back a couple of cents on the close.
WHEAT: As of 7:30 – MPLS Steady, KC Down 2
Huge Canadian stocks are still stuck on the prairies (nearby MPLS was up 11), it is cold in the HRW areas (KC adds premium), and Egypt cancelled some US Soft Red Wheat yesterday (Weighed down the Chicago wheat contract). This pretty much sums up the wheat complex.