May 24th 2012
Grain Marketing Specialist
Corn: As of 7:40- basically unchanged
Corn rebounding slightly yesterday after weekly ethanol production reported at 919k vs 904 the previous week. Ideas of the down swing Tuesday being overdone helped the recovery as well. Weather forecast has good moisture throughout the Midwest thru the weekend which could keep the corn market under pressure. Weekly export sales this morning has reported 11/12 at 156,100 – 12/13 325,900 vs expectations of 1.00-1.5 tmt.
Soybeans: As of 7:40- July 15 higher, Nov 13 higher
Continued fears of Chinese cancellations as crush margin continues to deteriorate fueled the continued move lower in the soybean complex. A stronger dollar index and weaker Brazilian currency inflates the relative price of US beans. Weekly export sales this morning reported 11/12 at 800,100 - 12/13 153,000 vs expectations of 1.0-1.25 tmt.
Wheat: As of 7:40- Spring and Winter Wheat 7 higher
Wheat traded lower on spillover overall grain weakness and a stronger dollar index. Corn to wheat spreads seen as favoring corn for feed demand at current market levels. Weekly export sales this morning reported 11/12 at 72,400 and 12/13 at 754,600 vs expectations of 400-600 tmt.