December 16, 2013
Producer Marketing Manager
CORN: As of 7:45 – DN 4
Fund selling continues into this morning’s trade. The cash corn story continues to be high rail freight costs and poor service, cold weather, crew shortages, etc… have impacted rail freight performance and supported truck basis from northwest thru the western corn belt. Watching the old low of $4.185 on the March…..
SOYBEANS: As of 7:45 – DN 5
Informa will issue a surveyed estimate of new crop US acres next week. Looking for substantial corn to soy switch. The Jan contract trades sideways at the 20 day moving average….Many target orders filled for producers that had them in at $13.50 futures last Tuesday.
WHEAT: As of 7:45 – MPLS DN 1, KC DN 2
Rail logistics continue to be the main focus for mills as the market for spot cars are all bids, although some steam was said to have come out of the HRS spot market on Friday. Watching export markets for direction.