Jan 2nd 2015
Grain Marketing Specialist
Corn: Called 4 lower
Welcome to the first trading day of 2015. Wednesday saw weakness in corn as the path of least resistance seemed to be lower on year end/ quarter end liquidation. Export sales out this morning at 895.1. Wednesday’s close has technical’s on the defensive with the next level of support at 3.92. For the morning we look to have continued follow through weakness.
Soybeans: Called 6 lower
As with corn we saw late session pressure Wednesday as traders square up for the New Year. Little new news: although there are some area’s that could use some moisture SA weather remains generally favorable. Export sales are out this morning has soybeans at 611, oil 24.7 and meal at 157.9 for 14/15 and 1.4 for 15/16. Technically Wednesday’s close has turned my indicator bearish as we settled at the very bottom of the recent range. Calls weaker on follow though from Wednesday
Wheat: Called 5 lower
Light trade and light news had wheat following row crops lower Wednesday. The cold weather concern affecting the US winter wheat crop doesn’t seem to hold much water at this point. Export sales this morning out at 354.1 for 14/15 and 18 for 15/16. Follow through weakness from row crops and technicals