July 9, 2012
Producer Marketing Manager
Corn: As of 7:40 Up 36
Overnight markets shrugged off Friday’s sell off and are posting strong gains again this morning. Scattered rains were noted thru the weekend, but it was very light. Some traders now thinking it may be too little too late for the corn crop in the eastern belt. It looks to be fairly dry for the next 10 days in the Dakotas and Minnesota. Technically we traded thru some resistance @ $7.13 this morning, possibly testing the previous high of $7.9975. All indicators are bullish this morning.
Soybeans: As of 7:40 Up 38 Old, 46 New
Much of the same in Soybeans overnight as moisture and temperature is a growing concern across much of the belt. This past week has been the hottest 7-day span since 1983 in the Western Corn Belt. Technically we are trading into areas not seen since the run-up in the summer of ’08 when the high was established at $16.3675. All indicators are still bullish this morning.
Wheat: As of 7:40 – Mpls up 20, KC up 25
Wheat continues to be a follower of corn as a substitute feed grain. HRW harvest is rolling across SD with reports of average to above average yields and fairly decent quality.
What to Watch for: Crop Conditions today @ 3 pm, USDA Supply/Demand report is released @ 7:30 am Wednesday.