December 3, 2012
Producer Marketing Manager
Corn: As of 7:40 - Up 11
The market is trading higher this morning mainly on excessive rains in Argentina. With just a little over 50% of the corn crop planted there and the calendar already changing to December, harvest will be delayed and there are concerns that a significant amount of acres could be switched over to soybeans. Look for resistance on the March contract near the upper end of the range at $7.77.
Soybeans: As of 7:40 - Up 19
So far South American weather is not adversely affecting soybean planting progress. Brazil is reporting soybean planting progress as of Nov 30 at 86% complete vs. 76 last week and 86 average. Argentina’s AgMin put their soybean planting progress at 58% complete vs. 66 last year. Domestically we continue to watch the low water levels on the Mississippi River and the impacts to the soybean export program out of the gulf, AND the ongoing labor negotiations at many ports in the PNW.
Wheat: As of 7:40 - Mpls & KC Up 9
In the world export arena Egypt finally secured 3 cargoes of US Soft White Wheat, their first US purchase of the crop year to date. Not surprising, the NWS December forecast released on Friday suggests warmer-than-normal weather will develop across the majority of the Corn Belt, with the warmest temps across southeast Oklahoma and north central Texas. March KC wheat continues it's range bound trade between $9.63 and $8.85.