February 28, 2014
Producer Marketing Manager
TARGETS, TARGETS, TARGETS……Do you have your Target Orders in and working? On the big run up in soybean market yesterday we filled many old and new crop soybean Target Orders before the market turned and quickly headed lower!
CORN: As of 7:45 – Up 1
Corn put its daily highs in early in the trading session before trading lower for most of the day. Exports were good and look to provide some underlying support. Today is the last day for figuring our spring price for crop insurance and through yesterday we are averaging $4.61 on the Dec futures.
SOYBEANS: As of 7:45 – Up 4
WOW, what a ride yesterday! We were flying high early in the morning on new export sales putting in new contract highs at $14.45 before running out of gas and gave way to a heavy wave of selling. When the dust settled we finished $0.55 off the session highs. With one day left, the Feb average for crop insurance pricing is at $11.35 on the Nov futures.
WHEAT: As of 7:45 – MPLS up 7, KC Up 3
Wheat markets again were no stranger to selling pressure and closed double digits lower yesterday, with most of that coming in the last hour of trade. Egypt bought Romanian and Russian wheat in their tender yesterday. February pricing is averaging $6.50 ¾ on the Sept Minneapolis futures with one day to go.