Jan 24th 2014
Grain Marketing Specialist
Corn: As of 7:45- 3 lower
Cold weather leadings to ideas of temporary increase in feed use and slow farmer movement supported the corn market yesterday. Weekly ethanol production did increase this week to 909,000 barrels/day, up 37,000 from last week’s sharp decline. Export sales this morning at 693 for 13/14 and .2 for 14/15 which is on the higher end of the expectations.
Soybeans: As of 7:45- 5 lower
Soybeans rallying early yesterday on a sharply declining Argentine peso. We just couldn’t hold on until the close with nearby soybeans closing 2 ½ lower and 21 ½ off the high. Brazilian harvest is thought to be 3% complete. The trade continuing to look for confirmation of US soybean cancellations. Export sales this morning a solid 703.4 for 13/14 and 969.8 for 14/15 exceeding expectations of 300-625.
Wheat: As of 7:45- 3 lower
Cold temps in the US and Russia lending support to the wheat market yesterday along with solid demand. Japan and Taiwan purchasing US wheat along with Ethiopia and Saudi Arabia tendering. Export sales this morning at 421.4 for 13/14 and -8 for 14/15 roughly in the middle of the estimated range of 300-600.