March 5th 2014
Grain Marketing Specialist
As of 8:00am May 3 lower, Dec.’14 3 lower
Corn is lower this morning after a good start to the week. Brazil corn production was much lower than expected as past dry weather in South America put a damper on that. Ethanol numbers out today. They are expected to be good as margins have been supported by soybean meal and energy prices. Across our bid sheets corn is above $4. Take these prices and run, we don’t know how long they will be there. International disputes rarely change supply and demand issues. We have hit resistance on the May contract at $4.84 and also the Dec contract at $4.86.
As of 8:00am May 2 lower, Nov. ’14 is 1 lower
Soybeans are a little lower today as May made new highs on the close. Beans will remain unpredictable as traders wait to see just how big the South American crop is. Some see China shifting demand back to the U.S. Rains in South American are easing the drought concerns, but also causing harvest delays. Beans still look like they are on the up and up.
As of 8:00am Spr. Wheat unchanged. Win. Wheat unchanged.
Wheat futures are challenging resistance as trade tries to push through this bearish trend. Export business is keeping this exciting. Temps are seen as warming here in the Midwest, and a chance of precipitation is expected to fly over the western plains easing drought concerns.