1/28/14 Market Summary Corn March corn traded in a 3c range for the whole day. There was more talk on the freezing weather than there was on corn trading today. Front end months are being supported on a thinning cash pipeline. Sub-zero temps have the river shippers jammed up and rail/truck logistics running slow at best. EPA comment period on proposed RFS changes ended today and now we wait for a final decision which likely takes 60-90 days. Any reduction in the RFS will then likely be challenged in court. Farm Bill advocates are trumping that we will have one signed this week. Argentine and Ukraine unrest is ongoing keeping their export potential uncertain. China bird flu issues seem to be growing with some live markets being closed to prevent flu transmission. Beans Funds were estimated sellers of 2000 beans and 1000 meal contracts. Unrest in Argentina continues to be a concern as inflation concerns have put farmer sales on hold and some of their crush plants are having to close or run at around 60% of capacity. Another concern for Chinese demand looking forward is bird flu and just their reduced seasonal feed demand once they get to their Lunar New Year Wheat Wheat futures closed mixed on the day with Soft Red Winter the firmest due to Egyptian business. GASC (Egypt) purchased 180 kmt Russian wheat and 60 kmt U.S. SRW. Two other U.S. cargoes offered were $7-9/mt (20-25c/bu) above the Russian offers. The shipping period for this tender is March 1-10. With the extreme cold blast exerting itself again this week, winterkill concerns continue to underpin the market as well.
Posted on: Wed, 29 Jan 2014 13:53:28 +0000
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