May 30th, 2013
Corn as of 8:00 am. July. 1 lower Dec. 3 lower
Corn values lower this morning after an impressive day yesterday. December corn was the leader as funds ponder how much will get planted here in the next week. Weather is still going to be an issue. Moisture levels are getting back to normal, at least for the top soil, in much of the Corn Belt. The western belt still has a ways to go. Corn Emergence is still well behind. Today we will see the ethanol report come out which will give the market a feel on demand as high gas prices and lower corn prices have increased margins in ethanol plants. Technically speaking we still have to break through, and close above, the 570 futures level of the Dec. contract before this thing can keep going. Resistance in the July contract seems to be around the 678-680 futures level. Maybe the next place to be looking at targets for those who still have some old crop to get priced.
Soybeans as of 8:00 am. Aug. 5 lower Nov. 4 lower
Soybeans are down a little to today. After Tuesday's gains there is not much pushing this market one way or the other. Big news yesterday was that China canceled the purchase of 5.4 million bushels of old crop beans. The flip side to this is that meal demand is still very high and keeping old crop prices afloat. New crop news. Weather is still playing the factor as rains continue to plague the Midwest causing more planting delays. Funds fear reduction of yield as planting continues into June. Old crop beans have some resistance at about 1450 on the August contract. New crop beans are seeing resistance at or around 1300 on the November contract.
Wheat as of 8:00 am. Spr. Wheat. 1 lower Win. Wheat 5 lower
Wheat is trading lower this morning. News of a GMO white wheat scare caused Japan to cancel some of its weekly wheat tender. They still purchased 2 million bushels of hard red winter and spring wheat from the US. Conditions worsen for winter wheat and spring wheat planting progress is slow. The winter wheat crop condition dropped again this week as 42% of the crop is poor to very poor. 31% is good to excellent. Spring wheat seeding is at 79%, just short of the five year average of 86%. Wheat will continue pricing weather and exports. Pricing opportunities may come as harvest moves north and yields are reported. Spring Wheat resistance around 825 on the board. Winter Wheat resistance is at about 750 on the board.