July 9th 2013
Grain Marketing Specialist
Corn: As of 7:45- 11 higher
The announcement of a 120 sale to Mexico for 13/14, drier forecast for the western 1/3 of the Corn Belt, and spillover support from the soybean market helped push corn higher yesterday. CFTC report yesterday showing net funds down to a very liquidated position of only 33,000 long. Crop ratings up 1% for the week to 68% G/E with notable improvement in South Dakota up 6% and Minnesota up 5%. Technically improving some here this morning with 1 of three indicators now in buy mode.
Soybeans: As of 7:45- 21-23 higher
Slow SRW harvest slowing soybean double crop plantings, an market seemed a little oversold and an announcement of 120 to China and another 135 to unknown for 13/14 pushed soybeans higher yesterday. Crop conditions left overall unchanged with notable increases in South Dakota of 10pts. Funds long 131,000. This morning the market is said to be higher on disappointing conditions with many looked for a 1-2% increase. Technically this market looks a little more sound with oc all three indicators bullish and for nc 2 of my 3.
Wheat: As of 7:45- 11-13 higher
An announcement of a 840 SRW sale to China and strength in row crops wasn’t enough for the wheat market to get excited yesterday. HRW harvest reported at 57% complete vs 64% ave, SRW harvest only 32% in IN vs. avg 69% and OH at 9% vs 48% avg. (double crop acres for soybeans…) HRS rating improved by 4% to 72%. Dry weather said to be cutting Russian crop helping support the market this morning.