Corn: steady to 1 lower
Beans: 3-5 lower
The corn market closed higher yesterday with the March contract 1 ¼ cent higher at 3.88 ¾. Concerns of a drier forecast in Argentina and weakness in the wheat market helped support the corn market. This morning the EIA’s weekly ethanol production and stocks report will be released. The last few weeks have shown strong ethanol production, however, bears continue to talk of ethanol margins turning negative and increased production with a lack of export sales. This morning the market is trading steady to higher as we wait for more news of exports to China.
Soybeans closed lower yesterday with the March contract 2 ¼ cents lower at 9.13 ¾. Soybeans have turned into a wait and see game as we continue to watch the Brazilian bean harvest and wait to see what the Chinese demand will be. The Brazilian crop is currently predicted to see record numbers as early yields are reported 10-15% better. This morning beans are trading lower as the market has little to help it rally with the phase one deal behind us and harvest in progress in Brazil.
There’s still time to get signed up for the Averaging Contract and put some new crop sales on the books. Contact your local Grain Marketing Advisor for details or call the trading floor at 877-778-2226