Good afternoon, Corn closed 1-2 cents lower in moderate trading volume. Funds were sellers of 5,000 corn contracts by mid-session. For the week CH lost 19 cents. Good weekly export sales seemed to lend some support to corn on the open this morning but weakness in beans and wheat pressured corn for most of the session before a light rally allowed corn to offset some of its losses. Corn has been able to find support through December on concerns over possible acreage adjustments in the January S&D report as well as over reduced 2015 acres, but this week that seemed to change, possibly on extended losses in beans and wheat. Weekly export sales for corn were 35.2 mln. bu. and bring YTD commitments to 1,061 mln. bu. vs. 1,104 mln. bu. at this time last year. Japan, Guatemala and Mexico the buyers of note. Mexico is currently the best buyer of U.S. corn, accounting for 30% of known destination sales. The beating continues. Soybeans down 15-17 cents on moderate trade volume. Funds were sellers of 4,000 contracts by mid-day. For the week SH lost 46 cents. Market may be coming to the conclusion there are plenty of beans in the world. S. American weather is viewed as non-threatening overall (there is some concern though over dry weather in southern Argentina and northeast Brazil as well as too wet weather in far southern Brazil.) Nearby soymeal futures were down $8.1 a ton today while bean oil was slightly lower. Talk of improving soymeal inventories in the U.S. and lower basis also negative. Weekly export sales of 22.4 mln. bu. brings YTD commitments to 1,556 mln. bu. vs. 1,492 mln. bu. at this time last year. Assuming we meet USDA projections, we still need to sell over 200 mln. bu. of beans and currently have 526 mln. bu. of undelivered sales.
Posted on: Fri, 02 Jan 2015 21:17:06 +0000
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