March 14, 2014
Producer Marketing Manager
National Pie (π) Day today……3.14…..
CORN: As of 7:45 – STEADY
A little weaker yesterday as it followed wheat lower. Cash corn basis continues weak as the industry (ethanol as well) struggles with ample corn supplies and shortages of freight in nearby slots. BNSF Shuttles spot bid side $1,000 firmer, bid $5,000/car ($1.25/bushel just to have the right to load it).
SOYBEANS: As of 7:45 – UP 1
Soybean futures experienced a rally mid-morning, following what had been a fairly quiet session. They did close 16 cents of the high as the market was pressured late in the day. Nov beans are trading in the uptrend channel started back in late Jan…..keep an eye on today’s trade as we are trading sideways out of the channel.
WHEAT: As of 7:45 – MPLS UP 1, KC UP 4
Despite decent export sales yesterday, the wheat market gave back some of Wednesday’s gains. Watching Ukraine as well as HRW coming out of dormancy.