Grains finished mixed again with more corn and soybean spreading. March corn finished 5 ½ cents higher at $6.11 ½, March wheat up 4 ¾ cents at $6.10 ½, and March soybeans down 10 at $11.87.
We started the day session with stronger than expected export sales for corn, soybeans, and wheat. Initially the market opened weaker despite these strong sales. The early weakness was likely caused by another break below $100 in crude oil and unfavorable outside markets. By the end of the day corn and wheat managed to finish higher. Cash bids for corn continue to come in strong and have helped push the front month corn markets higher. An increase in estimated corn acreage from Informa didn’t help the price of new crop corn.
Here are the following results from the Weekly Export Sales:
1/20/2012 Estimated Range
Corn 759,900 MTs 550,000 MTs - 750,000 MTs
Wheat 584,200 MTs 350,000 MTs - 450,000 MTs
Soybeans 991,100 MTs 550,000 MTs - 750,000 MTs
CATTLE ON FEED: 1/20/2012
Placements: 94% as expected
Marketings: 98%, the estimate was 97%
On Feed: 103% the estimate was 104%
The CFTC’s Commitment of Traders report was also out today. The "managed money" increased their net short position in Chicago wheat by 13,827 contracts. They also decreased their net long position in corn by a whopping 47,443 contracts and lowered their net long soybean position by 11,068 contracts. They were obviously caught long for the report and were exiting positions/and or getting short.
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