July 8th 2013
Grain Marketing Specialist
Corn: As of 7:45- 3-4 higher
Friday’s weekly export sales mostly in line with expectations but a favorable weather forecast and a stronger dollar helped push Dec corn below the $5 mark. 6-10 forecasts continue to show normal to above normal precip with normal to above normal temps for the western Corn Belt. Thursday USDA will release the monthly crop production and S&D report, Technically all three of my indicators remain bearish with support for Dec corn at 4.88 and 4.80 with resistance at 5.00 and 5.12.
Soybeans: As of 7:45- oc 1 higher, nc 10 higher
Friday’s export sales were mostly in line with expectations. Stronger dollar kept old crop in check with favorable weather led to Nov sell off. Anxiously awaiting Thursday’s report for 12-13 ending stock number. Technically my indicators remain bearish with stochastics starting to look a little over sold. Next major support for Nov beans at 11.86 with resistance at 12.77.
Wheat: As of 7:45- unchanged to 3 higher
Export sales Friday for wheat mostly as expected as well. USDA did announce a sale of 120,000 tonnes of SRW to China for the 13-14 crop year. South Korea lifted its ban of US wheat imports as the first shipment of US western white wheat tested negative for GMO. HRW harvest continues with mostly as expected yields being reported. Technically all three of my indicators remain bearish both KC and Mn wheat.