September 9th, 2013
Corn as of 8:00 am Sep down 3. Dec down 2.
Not a whole lot of rain came that was forecasted this weekend. Forecast for September, at least for the next 6-14 days, is hot and dry. Expected decline in crop ratings this evening. USDA to estimate crops on Thursday. Trade guess is at 13.62 billion bushels versus the 13.76 billion predicted by the USDA in August. Corn basis collapsing as harvest continues down south. Above average yields being reported. Trade is still expecting a large corn crop. Market will remain in check until the report. Support for the Dec contract is at around 460 futures with a bottom at 450.
Soybeans as of 8:00 am Nov. 4 higher
Dry. Dry. Dry. That's all it is. Yet still we got to see bean prices falling last week. Most of which is contributed to South America and its ability to raise beans. China has been importing plenty of beans with a total of 6.37 mmt in August. This is up almost 2 mmt from last year. There is a possibility of US exports exceeding USDA predictions. Expected decline in Soybeans with this afternoons good to excellent report. Still, there is plenty of hope in the bean market. Technically we are still bullish on the bean chart with support at 1350.
Wheat as of 8:00 am Spr. Wheat down 4. Win. Wheat down 2
Wheat under pressure from lightly traded corn and adequate world supplys. Winter wheat calculation, for crop insurance, is ongoing for the winter wheat states. Prices, right now, are a $1.74 below last year at this time raising the question how much will get planted. There are chances of rain in the western belt through the next five days. Exports last week were respectable with Brazil being a heavy buyer. Expect wheat to keep following corn. Wheat trend is lower.