Corn trade was subdued today as we start holiday type trade with corn working in a 6 cent range. Corn closed roughly 1 cent higher today with funds buyers of 3,000 contracts by mid-day. Corn is finding some support from wheat and concern over the January report and a possible decline in harvested acres which would impact total supply for 14/15 (assuming yield uchanged.) After that report, next up will be planted acres estimates for 15/16. Weekly export inspections of 31.1 mln. bu. were a bit light compared to expectations as well as last year’s level of 37.7 mln. bu. YTD inspections stand at 432.5 mln. bu. Also an announcement overnight of 166.6 tmt of U.S. corn sold to unknown destinations (rumored to be Mexico) for 14/15. Soybeans closed higher after a rather low volume trading day today. SF gained 7 ¾ cents and SH tacked on 7 ¼ cents. SH bumped up against, but not through resistance at $10.50. Commodity funds were buyers of an estimated 2800 soybean contracts and 2200 soymeal contracts as of midday while selling 500 soyoil contracts. The release this morning of the weekly export inspections report rallied the bean market, erasing early losses and sending prices higher for the balance of the trading session. Soybean inspections for the week ended December 18th were reported at 82.1 million bu., well above the previous week’s level and far above the 22 million bu. weekly average needed to reach the 2014/15 export projection. U.S. soybean shipments for the current marketing year now total 1,023.9 million bu., up 201 million bu. compared to year-ago shipments. Otherwise there wasn’t much in the way of fresh market moving news. South American weather has been good for soybean development during the month of December and that trend is expected to carry into early January. Argentina will have dry but cool conditions early this week followed by a warmer and wetter period late in the week. Brazil weather for key soybean producing regions looks wet early this week followed by dry conditions by week’s end.
Posted on: Mon, 22 Dec 2014 20:52:05 +0000
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