March 21st, 2013
Corn as of 7:30 am. May. 4 lower. Dec. 1 lower.
We are looking at corn a little lower this morning as we saw it hit resistance around the $7.34 May futures level. Yesterday's ethanol production numbers were better than last week with 809 thousand barrels being produced versus 797 thousand last week. Export sales report out this morning. Could there be enough good news to push this market higher??? Informa March acreage report out Friday and so is there cattle on feed.
Soybeans as of 7:30 am. May. 8 higher. Nov. 2 higher.
Soybeans posted a nice rally yesterday and we continue to see that strength in the overnight session. The bulls got back into the market after we found out that China had canceled sales from Brazil and that there could be a 40-55 day wait before any ships leave port. China is selling 1-1.5 mmt of their reserves do to delay in Brazilian soybeans. Export sales report out this morning.
Wheat as of 7:30 am. Spr. Wheat. 6 lower. Win. Wheat 5 lower.
Wheat relaxing this morning after yesterday's gains. Colder than normal weather expected in the southern HRW belt leading some traders to believe there is a chance for winter kill. Corn also could be pricing itself out of feeder's rations making wheat the next desirable option.