Morning Market Insight

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CORN:  As of 7:45 – Up 1
Corn closed lower yesterday in spite of a higher soybean market and favorable ethanol data.  Weekly ethanol production was reported at 1.059 million barrels/day, which was 35k higher than last week and above estimates of 1.033.  Export sales out this morning were under expectations at 15.5 million bushels.  We need to sell 35.9/week to hit the USDA target.  Mexico, Columbia, and Peru were our biggest shoppers.

 
SOYBEANS:  As of 7:45 – Down 2
We rolled our bids to the Jan futures yesterday.  The soybean market was higher yesterday and basis levels continue to improve to entice more bushels into the pipeline.  Barge freight is very weak and is looking for bushels to haul.  Soybean export sales were below expectations as well at 14.5 million bushels, less than half the pace needed to hit the final USDA export number.  Top destinations were Portugal, the Netherlands, UK, and Mexico…..we did see cancellations of 19.1 from unknown (China I presume).
 
WHEAT:  As of 7:45 – MPLS and KC Up 4
The only bright spot in this morning’s export sales report was wheat!  We topped expectations at 21.4 million bushels, with HRS taking the top spot at 8 million bu.  Shouldn’t be too much of a surprise considering low prices should prompt some demand. 
 
 

The information contained above was taken from sources which Agtegra believe to be reliable, but is not guaranteed by Agtegra as to accuracy or completeness and is made available for information purposes only. There is a risk of loss when trading commodity futures and options.
 

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