Sep 5th 2013
Grain Marketing Specialist
Corn: As of 7:45- 5 lower
Corn pressured yesterday by the soybean market and continued reports of good yields from the southern US as harvest is now moving into southern Illinois. Recent temperatures seem to have squashed any concern over an early freeze. Time will tell if better production in south will be enough to off sett losses in Iowa and southern Minnesota. Harvest and the remaining 12 crop cleaning out pressuring basis levels as there is still a large inverse to close in a short amount of time. Funds are short 33,000. Technically Dec corn looks weak with support at 4.45 and resistance at 4.75 and 4.93.
Soybeans: As of 7:45- 14 lower
Nov beans making a run for 14.09 fell short the day prior fueling a technical sell off yesterday. 6-10 now showing some moisture for the eastern corn belt feeding idea’s that it may help salvage some of the damage done by the recent hot/dry conditions. Crop rating declined Tuesday night 4%, private forecasts seem to have yield pegged anywhere from 39-42 bpa. Technically this market is looking weaker as we look to fill the gap at 13.31. Funds long 135,000.
Wheat: As of 7:45- 1-2 lower
Spring wheat harvest continues in North Dakota with better than expected yields but protein looks to be a little disappointing. Wheat complex traded lower yesterday on weakness from the row crops and wheat tenders out the Black Sea area trading as much as 80c less than US offers. Technically this market looks to have no real sense of direction but with harvest pressure and the fact that we are overpriced in the export market we look to have a hard time making significant gains.