June 6th 2013
Grain Marketing Specialist
Corn: As of 7:45- 1 lower to 1 higher
Positive ethanol margins led to an increase in weekly production of 885,000 from 863,000 the previous week. This in turn kept spot futures in check with loses for Sep and beyond. Seeing a small window for planting giving ideas of pp acres dropping below 2 mln. Export sales this morning at a disappointing 107.2 12-13 and 51.6 13-14 vs. expectations of 500-600TMT. 6.70 and 6.76 remain as resistance for July corn.
Soybeans: As of 7:45-2-6 lower
Ideas of a planting window pressured nc months with oc supported by firm cash markets. Informa updated their Argentine production estimate down 3mmt to 50 while leaving Brazil unchanged at 82. Export sales this morning out at 48.4 12-13 and 589.9 13-14 towards the higher end of estimates of 350-600. Meal still to high at 134.2 12-13 and 137 13-14. NC soybeans having issued sell signals in 2 of my three indicators.
Wheat: As of 7:45- steady to 2 higher
A later than usual winter wheat harvest and North Dakota planting delays wasn’t enough to hold the wheat market in positive territory yesterday. Informa estimates updated spring wheat acres at 12.4 with other trade estimates closer to 11-11.5. Winter wheat estimates at 1494 vs USDA of 1486. Export sales this morning at -33.2 12-13 and 664.9 13-14 at the high end of estimates of 400-600tmt.