March 20th, 2013
Corn as of 7:30 am. May. 2 higher. Dec. 2 higher.
Corn higher this morning as tight old crop supplies continue to drive this market. Feed use is strong and ethanol margins are continuing to support this rally. March 28th stock report has captured the market for the time being with analysts starting to throw out numbers. Ethanol production numbers out today. Resistance around the $7.34 futures level.
Soybeans as of 7:30 am. May. 8 higher. Nov. 2 higher.
Soybeans attempting to bounce off their recent lows, but with U.S. exports slowing down, and a stronger dollar look to see continued pressure on this market. The big news yesterday of China canceling some South American cargoes did not affect the market as some may have hoped. China, instead just headed for sidelines. Will they get back into U.S. beans, or will they wait and go back to South American beans? Time will tell.
Wheat as of 7:30 am. Spr. Wheat. 6 higher. Win. Wheat. 6 higher.
Wheat continues to remained strong as U.S. wheat is priced relatively cheap compared to the rest of the world. Winter Wheat conditions in the HRW belt continue to improve, but remember this is improving from an exceptionally poor crop rating.