January 5, 2018
Producer Marketing Manager
CORN: As of 7:45 – Steady
Corn finished the day down a couple of cents yesterday and is trading right at the support level of $3.50 1/2, which is the 20 day moving average. I thought it was a typo, but export sales out this morning were VERY really that bad at 4 million bushels, less than 10% of last week’s sales! Cold temps and low water continues to restrict barge loads, now at 9 ½’ drafts at St. Louis.
SOYBEANS: As of 7:45 – Up 3
Soybeans finished the day down a penny after trading nearly 8 cents lower at one point during the day. Export sales were below expectations at 20.4 million bushels. The March contract tested the 20 day moving average overnight, but as I write this we are back below that level ($9.74). Argentina’s rain potential looks to be a little less than it did yesterday and it looks like heat will be setting in early next week.
WHEAT: As of 7:45 – MPLS Down 4, KC Down 3
In line with corn and soybean exports, the wheat sales number was also below expectations at 4.8 million bushels, the trade was expecting 8-18. The KC market is sputtering a little bit and it looks to be pulling itself further out of the export market when compared to Russian values.