December 23rd, 2014
Grain Marketing Specialist
Market closes at noon on Dec 24th. Closed all day on the 25th and will open at 8:30 am on the 26th.
As of 7:45am Steady to a penny lower
Corn was fueled by decent export inspections yesterday contributing to highs that have not been seen since July! The March is trading around $4.12, which is 82 cents higher than October low of 3.30. Between that and basis appreciation, we have seen the cash price raise one dollar, or better in some cases, since harvest. Total export inspections, yesterday, were at 31 million.
As of 7:45am 4 lower
Yesterday’s rally was fueled by soymeal futures and decent export inspections. South America still has the potential for a great crop and that will continue to keep US beans in check in the days to come. We are still range bound in the market.
As of 7:45am 2 higher
Wheat settled lower yesterday, despite reports that Russia is looking to put tariffs on wheat exports; we will see how this unfolds. Exports inspections, for the US, were at 16.3 million bushels, which was better than expected. Wheat maybe seeing a tipping point, during this holiday week, with some support at $6.25 March futures.