February 13th, 2013
Corn as of 7:00am. Mar. 6 lower. Dec. 5 lower.
We see values lower again this morning. Continued demand destruction and seasonal trends are keeping pressure on the old crop trade. New crop did see a little bounce yesterday, but pressure will remain on the new crop market. We are still seeing new crop stay above $5.50 futures.
Soybeans as of 7:00am. Mar. 10 lower. Nov. 9 lower.
Soybeans are also trading lower this morning as seasonal trends are keeping pressure on this market. The export intention numbers that came out on Monday, along with Chinese New Year have slowed demand for US beans. Traders expect to see switch to South American beans soon. There is some support around the $13.60 futures mark. Supply tightness and weather concerns in South America should keep some support in the bean market.
Wheat as of 7:00am. Spr. Wheat 4 lower. Win. Wheat 6 lower.
The wheat market has moved to levels not seen since June last year. Traders are pricing weather and export sales as new crop wheat is on the horizon. Concerns over Australia and Argentina crops have allowed US wheat export prices to compete on the export market.