July 11th 2013
Grain Marketing Specialist
USDA will be releasing S&D’s at 11 a.m. CST. This will likely trump all other news today. I have attached a convenience table for your viewing pleasure.
Corn: As of 7:45- unchanged – 2 higher
The announcement of a export sale of 120 tmt for 13-14 marketing year to China along with spill over strength from soybeans supported corn early on before settling mixed. Ethanol production at 881 vs 863 last week. Funds long 53,000. Export sales out this morning at a large 392 for 12-13 and 657.8 for 13-14 exceeding the average estimate of 300-600tmt.
Soybeans: As of 7:45- mixed 1 higher- 2 lower
Continued fears of lost double crop acres due to wetness in SRW country pushed Nov beans higher again yesterday for the 3rd straight session. Funds long 145,000. Export sales this morning out at -70.9 for 12-13 and 410.8 for 13-14 in line with the average trade estimate of 150-500tmt. Awaiting the release of the WASDE report.
Wheat: As of 7:45- 3-5 higher
Wheat looked to consolidate going into the report today as we posted modest gains across the complex. The anticipation is that USDA will have to adjust the wheat balance sheet this morning with the announcement of large Chinese SRW purchases recently. Export sales this morning out at a large 1473 exceeding the average trade estimate of 600- 1000.