June 5th 2013
Grain Marketing Specialist
Corn: As of 7:30- OC 2 higher, NC 4 lower
Everything past the July contract settled lower yesterday as slow farmer movement was noted supporting the July. Talk still remains about how much pp corn acres there will be. Hearing private estimated anywhere from low 13’s to low14’s for total production. Either way exports will need to pick up to absorb the additional production. Technically 2 of 3 indicators have issued sell signals for Dec while July continues to hang in there.
Soybeans: As of 7:30- OC unchanged, NC 9 lower
Soybeans traded weaker all session as the Nov closed lower for first time in 9 trading days. Ideas of increased acres from slow corn planting and a stronger dollar fed the weakness. Perdue Agribusiness is saying they sold 29mb of US soybeans to a Chinese group. Technically Aug beans remain bullish while Nov stochastics have tipped over with my other 2 indicators yet to issue.
Wheat: As of 7:30- unchanged
Quiet day for the wheat trade as North Dakota remains wet and harvest begins in Ok and Texas with limited news. A Kansas farmer has filed a lawsuit against Monsanto claiming negligence for the escape of biotech wheat. Informa will release a HRW estimate midmorning.