Aug 15th 2013
Grain Marketing Specialist
Corn: As of 7:45- 8 higher
Warmer/drier forecast with ideas of longer range forecast mixing in cooler weather along with oversold conditions help corn rebound yesterday. Weekly ethanol production at 857 up from last week of 853. As we move forward more and more private analysis will debate crop size as we watch the forecast and hope a freeze holds off. Funds short 50,000. Export sales at -59.1 12-13 and 836.1 13-14. Technically all my indicators would suggest we are due for a bounce however small it may be. I have support at 4.45 and resistance at 4.75 and 4.93 for the Dec contract.
Soybeans: As of 7:45- 12 higher
Warmer/drier weather forecast continues to support soybeans as we shrugged off early losses early in the session yesterday. August makes soybeans and the trade is cognoscente of late season rains benefiting the crop last year. Export sales at -10.5 12-13 and 1,890 13-14. NOPA crush at today. Funds long 79,000. Technically this market remains strong with support at 12.02 and resistance at 12.67 and 12.97.
Wheat: As of 7:45- 2-4 higher
Another uneventful day and night as ample world stocks weigh on this market and support from row crops. Spring wheat harvest moves north slowly but surely. Export sales at 490 vs 396 last year. Technically this market is uneventful as the fundamentals.