October 26, 2012
Producer Marketing Manager
Corn: As of 7:40 Unchanged
Corn closed 12 cents lower yesterday as disappointing export numbers yesterday weighed on the market. Basis levels are firming as harvest winds down. Other than that it is pretty quiet on the corn front. Below is a comparison of feed grain prices around the world to get a perspective of where we are at from a competitive standpoint.
Soybeans: As of 7:40 Down 4
Beans were also lower yesterday. Export sales of 19.2 mbu were below the avg guesses of 20-25, but well above the 7.7 needed per week to achieve USDA estimates for the year. China led the buyers at 10.1 mbu. Trade continues to monitor weather to get a handle on planting pace in Brazil. Will delays due to dryness cause the early harvested crop to come off a little later and push more business to the US?
Wheat: As of 7:40 MPLS Up 1, KC Down 1
Quiet news day for the wheat trade as well with values slipping lower on a stronger dollar and slight technical correction. Weekly exports sales continue to surprise, with the 21.0 mbu total - 40% higher than last week and over 60% more than the 4-week average. Conditions look to remain dry in the HRW belt this week.
What to watch: USDA November S/D report is out on Nov 9th.