February 12th, 2013
Crop Insurance numbers still in discovery. Corn is $5.77. Soybeans are at $13.19. Spr. Wheat at $8.65.
Corn as of 7:00am. Mar 3 lower. Dec. a penny lower.
We continue to see corn drift lower this morning as March futures pushed below the 200 day moving average of $7.04 yesterday. Another disappointing week in export inspections with only 14.46 million bushels shipped. Exports continue to be well off the USDA's projections for this year. USDA baseline projections out yesterday. They are predicting a 2.07 billion bushel carry out for 2013/14 on a average yield of 162.5. Planted acres predicted were 96 million with only 88.5 million harvested. Corn will have a tough time trying to get push higher in the near term as we get closer to planting.
Soybeans as of 7:00am. Mar. 6 higher. Nov. 6 higher
Soybeans trading higher this morning as we stay above some week resistance around the $14.20 futures mark on the March contract. Export inspections where lower yesterday. 30.2 million bushels where inspected last week. This number has put exports below the 5 year average for the first time since Thanksgiving. We have also seen the pressure on the Nov contract. South American weather forecast seen as favorable in the 6-10 day outlook. Also coupled with predictions of a record bean crop and increased planting acres here in the US. If US weather pattern should persist, and if there is truly any concerns over South American production then we could see a run up in beans. Until then we wait for news.
Wheat as of 7:00am. Spr. Wheat a penny lower. Win. Wheat steady.
Wheat trading steady this morning. Yesterday we seen wheat follow suit with the rest of the commodities. This little moisture we have received over the weekend was seen as beneficial, with forecasts of wetter weather to come. Export inspections were a little better on the wheat this week coming in at 22.5 million bushels. Market is pricing in the weather and exports into the spring as new crop wheat begins to come on the horizon.