May 2nd 2013
Grain Marketing Specialist
Corn: As of 7:30- unchanged to 1 higher
Corn posted nice gains yesterday as we continue to live and die by the weather forecast with solid exports adding additional support. The next 72 hrs look to provide more precip for the eastern corn belt with 6-10 pulling back a bit. Temps look to remain below normal. Hearing idea’s of just 10-15% planted for Mondays report. With the recent rally we can start talking about the July gap again as we look to attempt to fill it giving resistance at 6.76.
Soybeans: As of 7:30- 2-4 higher
12-13 net cancellations in export sales report as well as idea’s of corn acres switching to beans limiting any gains yesterday. Strong crush and tight stocks will continue to keep this market nervous and volatile. Technical indicators are mixed with 2 of my 3 bearish.
Wheat: As of 7:30- unchanged to 4 higher
Kansas wheat tour finishing up pegging production at 313.1 mb yield of 41.1 bu/a vs. 382.2 actual last year and an actual yield of 42. Not the disaster that was anticipated by some but definitely lower. Cold forecasts continue to be a concern to HRW. Trade continues to balance large 12-13 ending stocks with lower 13-14 production. Technical indicators are all bullish as we continue nudge higher both KC and MG wheat.