The markets were mostly mixed in the overnight session with corn down ¼ cent, soybeans down 4 cents on the January contract and wheat up 3 ¼ cents higher. The U.S. made a wheat sale to Taiwan for 78,320 metric tons of milling wheat for delivery between February and March 2015.
Next week will usher in colder weather which may threaten the winter wheat areas throughout the U.S. There is potential for temperatures to dip below zero in in Nebraska, Colorado, Kansas and Missouri which could leave winter wheat areas vulnerable with limited snow potential over the next few weeks to help.
The wheat market was unable to rally yesterday despite the news that Russia will be imposing an export duty. The market seemed to view this headline as justification for the rally throughout last week and not as fresh bullish news. Traders have mostly factored Russia out of the export scene for now leaving the market to sort out the relatively high price for U.S. wheat. Domestic wheat is trading around $30 per metric ton higher than Europe, Russia and the Black sea.
Yesterday, export inspections were released with all grains beating analyst expectations. Soybeans recorded 2,234,262 million metric tons while analysts expected between 1.5 and 2 million metric tons. Wheat recorded 442,055 million metric tons inspected which was well above the high side of expectations at 400,000 metric tons and corn recorded 790,415 metric tons inspected for export with analysts expecting between 575,000-700,000 metric tons.
