December 15, 2016
Producer Marketing Manager
CORN: As of 7:45 – Down 1
Export sales out this morning were well above expectations at 59.7 million bushels. The Dec contract went off the board yesterday. It is thought that as the index funds rebalance after the first of the year, Corn will see the largest percentage weighting increase in 2017.
SOYBEANS: As of 7:45 – Down 2
Like corn, soybean export sales on this morning’s report were solid at 73.8 million bushels. The trade was expecting 40-55 million. The market has been weaker on expectations of precip in Argentina Sunday into Monday. Temps over Argentina the next 7 days will be hot, magnifying the need for precip? Brazil conditions have been nearly ideal so far this growing season.
WHEAT: As of 7:45 – MPLS up 1, KC down 3
Wheat exports were also solid at 19.5 million bushels. HRS made up nearly half of that total. The dollar continues to trudge higher, putting a damper on US export sales.