May 31st, 2013
Drew Johnson
Grain Originator

Corn as of 8:00 am.  July. unchanged      Dec. unchanged

Corn up this morning. Yesterday we got to see some profit taking. Traders have been trading weather all week. They seemed to be looking for some other reason to trade. Ethanol numbers out yesterday and were a little lower 863,000 barrels versus 875,000 last week. Other than that the news is still the same. Weather and planting delays continue to move this market.

Soybeans as of 8:00 am. Aug. 7 higher      Nov. 8 higher 

Soybeans also higher this morning. Most likely some profit taking yesterday. China buying some new crop beans, almost making up for what they canceled in the old crop. Beans will stay afloat as long as there is planting delays and the demand for them stays strong.

Wheat as of 8:00 am. Spr. Wheat. 3 lower    Win.  Wheat. 3 lower

Wheat trading lower also after Japan canceled some wheat shipments after some GMO wheat was found in Oregon. South Korea suspends wheat imports from the US. Rain fell over the northern plains helping easing drought conditions, but the rain is still missing the crucial western belt. Wheat being priced into the export and wear her markets. Pricing opportunities may come once harvest gets going and yield reports come out.