Grain Markets quiet this morning
Corn is slightly firmer this morning. The USDA announced a sale of 119,888 MT of corn to an unknown destination for the 2013-14 season. The forecast for Argentina is for temperatures to be increasing this week. However many traders think the rain they got last week will limit stress. Beans were higher earlier today but have since lost most of the gains. The USDA announced a sale of 183,000 MT of beans to an unknown destination for the 2014-15 season. Gordy with Slipka trading mentioned this morning at 8:30 that he read ships already are waiting about 30 days to load out of South America. I read on Pro Farmer that China’s Ministry of Commerce has raised it’s January soybean import forecast to 5.7 MMT. That is around 25 million bushel that China will import in January! Wheat futures are a little lower this morning. One would think the wheat market might be concerned that the severe cold could have an impact on winterwheat. The issue is that if it is damaged we won’t know until spring and that seems a long way off. Fortunately the stock market is holding today after the big sell off Friday and last week. Most of the time when the stock market takes a big hit it takes the grains lower too.