date:Jan 15, 2013
Soybeans had sharp gains early on helping to rally corn and wheat higher. However, wheat saw some pressure as the Plains and Midwest saw moisture. Soybeans saw some declines as basis at the gulf were lower due to weak demand.
The wheat export sales report was bearish coming in at 233,700 tonnes for the current marketing year. Corn export sales were also bearish netting only 12,600 tonnes for the current marketing year with a cancellation of 11,600 for the next year for a total of 1,000 tonnes.