April 26th, 2013
Corn as of 8:00 am. 6 lower Dec. 6 lower
Corn a little lower this morning as values relax after yesterday's gains. Positives yesterday were decent exports and weather factors. USDA announcing sales of 11.8 million bushels of new crop corn to China and another 9.4 million to unknown destinations. Net sales of old crop this week were down 21%from last week at 12.4 million. Weak, but still inline with USDA projections. Weather models also showing some better rain chances next week keeping planting progress slow. Old crop support hanging right at the 620 futures level, with resistance at 640. New crop support at 520 on the Dec and resistance at 550.
Soybeans as of 8:00 am. 4 lower Nov. 7 lower
Soybeans relaxing also this morning after big gains yesterday. Soybean traders seeing upcoming favorable weather as positive. They are expecting producers to keep planting corn. Export numbers yesterday were very good as usual. We did see China cancel so purchases of old crop sales, but the new crop sales were solid at 23.1 million bushels. Tight old crop supplies will keep beans in check, new crop prices will be on the line depending on weather. Old crop support at 1340 with resitance at 1380. New crop support at 1225 with resistance at 1260-1275.
Wheat as of 8:00 am. Spr. Wheat. 3 lower Win. Wheat. 8 lower
Wheat also lower this morning after yesterday's gains. Wheat, led by KC futures, were up yesterday as frost and ongoing drought in wheat country have traders concerned about the crop. Next week starts the Kansas wheat crop tour. Spring wheat planting is slow. Spring Wheat support at 800 July with resistance at 816. New Crop spring wheat support at 775 with resistance at 812. Winter Wheat support at 725 with resistance at 775.