Sep 17th 2012
Grain Marketing Specialist
Corn: As of 7:30- 13 lower
The corn market is running into pressure last night/this morning as harvest progresses. Even with the lower production, high prices and the lack of carry have farmers selling. Yield reports varying as harvest moves north. Funds long 333,000. Technical indicators remain bearish this morning with support at 7.68 and 7.17.
Soybeans: As of 7:30- 42 lower
Soybeans being pressured much like corn with harvest progressing leading to producer selling, lack of carry and some better than expected yields being reported as soybeans may struggle to make new highs during gut slot harvest. Ultimately western hemi soybeans are looking at a shortfall and should be long term supported. Funds long 241,000. Technical indicators are bearish with support at 16.93 and 16.33.
Wheat: As of 7:30- Winter 15 lower, Spring 15 lower
Fears related to Australian dryness leading to abandonment supportive to the wheat market along with talk of QE3 supporting the market late last week. This morning wheat being pressured lowered in sympathy of corn market. Some rain working into the forecast for Australia this week as we continue to monitor conditions there. Currently indicators are bullish both KC and MN wheat.