February 25, 2014
Producer Marketing Manager
CORN: As of 7:30 – Steady
When the dust finally settled yesterday, the corn market ended up at close to even money on the day after spending most of the session in negative territory. Export inspections were right at the upper end of expectations at 31.2 million bushels. In S America dry weather would be ideal for Argentina corn, given the rain amounts of 9.0”-14.0” since mid-Jan.
SOYBEANS: As of 7:30 – Down 2
The bean market continued strong yesterday, boosted by export inspections that were near expectations. We loaded 46.7 million bushels last week, with China taking 25. This is the 24th week of the marketing year and China still has around 147 million bushels of purchases that have not loaded yet…..whether they will load or cancel will depend on logistics out of Brazil in the next few weeks.
WHEAT: As of 7:30 – Down 1
Wheat export inspections were a bit light yesterday at 15.7 million bushels. The wheat market followed the corn market lower to begin the day, but recovered to close 6 -8 higher on the day. Logistics continue to snarl movement of spring wheat cars to market across the upper US and Canada. Cold temps we are experiencing this week (-15 this am in Aberdeen!!!) have brought forward concerns of winter kill….there is a little bit of snow cover into Western NE and SW SD.