Grain Market Update: January 17, 2014

It has been a slow news week for most commodities following last Friday’s WASDE report. Corn futures have slowly declined over the course of the week after jumping 20 cents in response to last Friday’s WASDE report. Early acreage estimates for the 2014 crop have begun to flow in, with Informa estimating about 93.3 million acres. That would be a 2 million acres decline from last year’s corn crop. Soybeans have had a good week following news of significant export sales at the beginning of the week. Informa has also released estimates of soybean acres for the 2014/15 crop year. They are expecting 81.6 million acres of soybeans this year compared to 76.5 million acres last year. Soybeans will likely be taking acres from both corn and wheat. Demand remains strong for both corn and soybeans, but favorable weather in South America has kept markets from rallying much.