Sep 10th 2012
Grain Marketing Specialist
Corn: As of 7:30- 3 higher
Friday seen estimates released from Informa giving two sepereate numbers. One being what they believe USDA will release on Sep 12th – 119.8 BPA and total production at 10.31 billion vs the Aug report of 126.5 BPA and production of 10.779. The second number they released is what they believe the final production numbers will end up being – 126.5 BPA and 11.03 billion of production. This was enough to bring the corn market into positive territory after trading lower most of the morning. We continue to chop around the $8 mark and it would be my guess we will continue to baring Wednesday’s USDA report giving us a reason not to. Look for support at 7.86 and resistance at 8.40.
Soybeans: As of 7:30- 3 higher
Informa released similar estimates for soybeans as well. They believe USDA at 35.4 BPA, total production at 2.639 vs August at 36.1 and 2.692. Final at 35.4 BPA and production at 2.686. This also brought back the bean market as well on Friday closing the week 20c lower. Technically all three of my indicators are bearish but I believe this market is well fundamentally supported.
Wheat: As of 7:30- Winter- 5 higher, Spring -1 higher
Lower Australian crop size estimates and smaller Canadian stock estimates help support last week’s move higher in the wheat market. Australian estimates 21-25 MMT vs USDA at 26. Technically all three of my indicators are bullish both Minneapolis and KC wheat.