August 7th, 2013
Corn as of 8:00 am Sep. 2 higher Dec. 2 higher
No real new news in the corn. Weather forecasts remain wet and cool. Big crop coming are way as long as we can beat the frost dates. Corn crop is at 86% silking vs 89% average. North and South Dakota are ahead of their averages respectfully. Weekly ethanol production numbers out today. The trade is keeping a close eye on dryness in China. Technically speaking we are looking at corn seeing some support, for Sep futures, at the $4.70 level. We are bouncing off that today. In the Dec. contract we are seeing it slow here at the $4.60 level.
Soybeans as of 8:00 am Nov. 2 higher
Soybeans keep under pressure as this cool weather trend continues. Soy oil also under pressure as EPA hinting it will reduce advanced biofuel mandated targets in upcoming announcements. 110,000 tons of new crop soybeans reported sold to China. Only 39% of the nation’s soybean crop is setting pods. This is behind the average of 51%. Support still at $11.50.
Wheat as of 8:00 am Spr. Wheat 3 lower Win. Wheat 2 lower
Wheat values rebounded a little yesterday after what had happened on Monday. Harvest is progressing along. Egypt, Jordan and Iraq were wheat buyers yesterday, purchasing from Ukraine, Australia, Romania and Canada. The trade is noting the strong HRW US exports so far this year. This cool wet weather is also making it seem possible that winter wheat planting will have enough to get started.
Spring wheat support at $6.85. Winter wheat support at $6.85.