Nov 13th 2014
Grain Marketing Specialist
Corn: As of 7:45- 2 higher
Corn held on nicely yesterday but failed to close above the 3.81 mark that I had mentioned yesterday after the soy complex dropped off, we testing that number again this morning. Weather looks like it may cooperate for the harvest of the last 20%. Colder but drier…
Soybeans: As of 7:45- 3 higher
Soy complex opened strong before setting weaker with beans 16 lower and meal over 5 lower. Talk of SA meal working into SE US as Argentine meal market is lower for the week. I have attached a meal chart below as we seem to be having trouble closing above the 400 mark. Some calling yesterday’s action a blow off top. Weather looks favorable to clean up the balance of harvest for most areas. US dollar is a little weaker this morning.
Wheat: As of 7:45- unchanged
Concern about the temps affecting winter wheat as the forecast continues to show below average temps. Is Nov too early to start killing this crop off? This had KC wheat leading the charge higher yesterday. FSU tension also adding support but we do still have adequate global supplies. This morning we are mixed to a little firmer.