February 5, 2013
Producer Marketing Manager
Wheat Growers Winter Marketing Meetings are in Roscoe and Aberdeen this Thursday, and in Redfield and Huron on Friday.....contact your nearest location or Grain Marketing Specialist for more information.
Corn: As of 7:45 – Down 5
As mentioned yesterday, US soft wheat is moving into rations and tempering corn usage and alleviating some ending stock concerns. Export inspections yesterday were very low at 5.3 million bushels reported loaded last week. In order to hit the current USDA export projections, we need to load 21.3 million bu/week….It may be a tall task. Technical indicators have turned weaker as noted in the nearby corn chart.
Soybeans: As of 7:45 – Down 5
Soybeans tested the mid-December highs yesterday trading up near the $15.00 mark before running into selling pressure closing nearly $0.10 off the daily high. Export inspections were 53.9 million bu this week. South American weather is still a concern this week as N. Argentina and S Brazil are both looking at warm temps and little precip through Saturday.
Wheat: As of 7:45 - Mpls steady, KC Down 3
Wheat exports were light at 15.2 million bushels this week, much less than the 26.5 needed to reach USDA’s annual projection. Canada released their yearend stocks of wheat and canola this morning and despite an increase in wheat production this year, stocks were lower than forecasted and lower than last year. HRW areas look toward decent chances for precip over the next 2 weeks across much of the belt.
Feb USDA S/D report is out this Friday........