Jan 15th 2013
Grain Marketing Specialist
Corn: As of 7:30- 2 higher
Follow through strength on tight supply pushing corn higher yesterday with Mar settling 15 ¼ higher and Dec up just 7. Trade having to balance the idea of tight 12 stocks with the potential to considerably grow in crop year 13 thus limiting gains in the Dec. Weekly export inspections up from the year low of 7.3 mbu but still a less than stellar 9.2 mbu.
Soybeans: As of 7:30- 12 higher
After a less than favorable report on Friday a strong December NOPA crush of 159.9 and a 120,000 ton soybean sale to China announced yesterday rallied the market with Mar closing 44 ¾ higher and Nov 20 higher. Index funds reported down to a 70,000 long position as of Friday. Rebalancing may be looking to be completed. All three of my technical indicators have turned bullish.
Wheat: As of 7:30- Winter 6 higher /Spring 6 higher
Follow through strength from Friday’s report and continued concern from HRW producing areas and fears of Russian winterkill had the wheat market higher yesterday with KC 16 ½ higher and MN 7 ½ higher. Export inspections at 10.6 mbu down from the prior week of 13.4. All three of my technical indicators are bullish both KC and MN wheat.