December 8, 2017
Producer Marketing Manager
CORN: As of 7:45 – Up 2
It was a rather quiet 3 cent range yesterday on corn. Export sales out yesterday were within the expected range, but was toward the low end at 34 million bushels. Domestic demand (feeding and ethanol) has been solid, but wheat price action has really been an anchor on corn prices lately…
SOYBEANS: As of 7:45 – Up 2
Despite decent export sales yesterday morning, beans seen a continued sell-off after posting new highs for the move on Tuesday. Soybean export sales were good at 74.1 mbu vs. 34.6 mbu last week…..above the expected range of 37-55. Of that total, China made up 47.5 mbu. We did bounce back off support yesterday at the 20 and 50 day moving average around 9.90 on the Jan. Argentina is currently 53% planted vs. 58% last year, w/ the far north continuing to lag due to dry conditions.
WHEAT: As of 7:45 – Mpls Up 3, KC up 2
A lifeless wheat market again Thursday as we daily punch new contract lows in both Chicago and Kansas City. The weekly export sales did nothing to help the market as they were light at 11.8 mbu below the 13.7 mbu needed to hit USDA projections. Some dryness chatter starting to gain some traction in the HRW areas.