Morning Market Insight
September 4, 2012
Grain Marketing Specialist
As of 8:30am Old crop up 5 New crop up 5
Corn harvest is going. Reports say there has been a record 1 billion bushels of new crop corn that has been harvested, however the wide range of yield reports are keeping this market on edge. Funds are toying with the information and seem to be unsure on where to take this market. As you can see in the graph below we have been trading around the same area for over a month. The trade seems to be interested in the upcoming Sep. 12th report.
As of 8:30am Old crop up 19 New crop up 19
Beans are on the up today even though private forcasters are reporting Brazil’s 2013 crop to be 82 million metric tons which is above the USDA’s prediction of 78 million metric tons. The argument that is keeping the beans high is the demand for them. The world wants them now!
As of 8:30am Spr. Wheat up 3 Win. Wheat up 4
Ukraine’s Ag Ministry reported grain exports from July 1-August 31 at 2.989 million metric ton, up 60% from the same span last year; wheat exports so far this year stand at 1.3 million metric ton. News like this keeps wheat in check. There were also rains this week in the Hard Red Winter Wheat belt, but the 6-10 day forecast has it hot and dry.