Dec 10th 2012
Grain Marketing Specialist
Tomorrow morning the USDA Dec S&D WASDE report is out at 7:30 a.m.
Corn: As of 7:30- 4 lower
Corn sold off Friday to cap a 15c loss for the week. Poor export numbers and lack of fresh news were noted as the drivers. Tomorrow is the Dec USDA WASDE report as we will most likely position ahead it. It is worth noting that historically there are not a lot of changes to the Dec report with final production being report in Jan. Technically all three of my indicators are bearish with support at 7.14H
Soybeans: As of 7:30- 1 higher
Soybeans setting back Friday but still closing the week 34c higher. The front month being pressured more than the defers on Friday with the start of the Goldman roll affecting spreads. Drier forecast seen for Argentina allowing more favorable plantings. Look for us to chop around into tomorrow’s report. Technically all three of my indicators remain bullish with support at 14.69 and resistance at 15.30.
Wheat: As of 7:30- Winter/Spring unchanged
Wheat continues to be range bound with continued worries about dry conditions throughout the US wheat belt. Calls are choppy into tomorrow’s report.