June 14, 2013
Producer Marketing Manager
Happy Flag Day!
Corn: As of 7:45 – Nearby UP 6, New Crop STEADY
Corn continued to slide yesterday on more fund selling following Wednesday’s USDA WASDE report. Overnight the corn market has found a little strength in the old crop contracts, new crop contracts are mostly unchanged. Forecast for more precip across much of the growing regions in the next week as illustrated in the graphic below. As Lynn mentioned yesterday, the trade is wrestling between “rain makes grain” and “is it too much rain.”
Soybeans: As of 7:45 – Nearby UP 6, New Crop UP 5
Beans were the leader down yesterday as we seen double digit losses in most contract months. The precip noted above may hinder planting efforts in IA, MN, and WI where planting progress continues to lag. Nov bean futures did bounce off the support level of $12.88 yesterday and is trading higher this morning.
Wheat: As of 7:45 – MPLS DN 1, KC DN 3
HRW harvest is slowly getting into southern Kansas although the forecast for precip may delay harvest progress in Oklahoma. The KC Sept futures have slipped in the last 10 days to lows we haven’t seen since last June. ND is forecast to be dry for the next 5 days to give them a final push to plant what they can.