May 29th, 2013
Corn as of 8:00 am. July. unchanged to 1 lower. Dec. 2 higher
Values are pretty even this morning after yesterday's gains. Planting report stated that there is now 86% of the corn planted. This was a big jump from last week’s 71%. Illinois and Indiana are now, in fact, caught up to their five year planting averages respectively. 54% of the corn is poking through the ground, this is a little behind the 67% average. Traders turn their eyes now to the sky. Thoughts of maybe 14% of the corn acres expected to be planted may not. How is the weather going to affect the rest of planting? Is there going to be many prevent plant acres? How many acres will be switched to soybeans? Technically speaking we got to see the December contract close above the 550 futures level. Looking at the chart we are seeing resistance at the 570 level. Targets placed within this level should put a $5.00 cash sale for most of our locations.
Soybeans as of 8:00am. Aug. unchanged Nov. unchanged
Soybeans unchanged this morning after yesterday's gains. Soybeans basically fueled the market with news of China buying new crop U.S soybeans and contiuned fears of planting delays. We got to see the planting numbers yesterday with only 44% of the acres planted, well behind the five year average of 61%. Wet weather continuing through the remainder of the week. This could continue to keep pushing this market upward. Technically speaking, for new crop soybeans, we are looking at some resistance right around the 1300 future area.
Wheat as of 8:00 am. Spr. Wheat. 2 higher Win. Wheat. unchanged
Better moisture in some of the parched areas of the western plains contributed to lower wheat prices yesterday. Some areas of Colorado, Nebraska and Kansas received over 2 inches of rain. Wheat harvest in Texas was delayed over the weekend by rains. Exports remain at last years pace, but just short of the USDA's expectations. This weeks export numbers showed only 21.2 million bushels shipped. Wheat is pricing itself into the weather market and export market. Pricing opportunities may come as harvest starts to move north and yeilds are reported.