September 10th, 2013
Corn as of 8:00 am. Sep. 2 lower Dec. unchanged
Average guess from the Trade is for a 153.9 yield on Thursday's report. Crop progress report yesterday dropped corn ratings to 54% good to excellent versus 56%. Values to remain under pressure with good yields being reported as harvest is moving along down south. Weekly export inspections at 9.8 mln versus 10.1 last year. Trade still expecting a good average national crop thus rebuilding stocks. Bearish technicals
Soybeans as of 8:00 am. Nov. 7 lower
Soybeans had one heck of a day yesterday as exports were dismal with only 2.2 mln bushels being shipped. Compared to the 12.3 a year ago. large South American production/supply with ongoing Brazilian loading program could curtail the Demand for US beans, especially if we are faced with a possibility of rationing demand again this year. Possible rain chances in the short term forecast, but most likely the damage has been done. If all around weather stays hot and dry bean prices could hold. Average Trade guess for total production is 3.141 billion bushels some 115 below USDA's forecast in August.
We see the market holding around that 13.50 with possible sell signal developing.
Wheat as of 8:00 am. Spr. Wheat. unchanged Win. Wheat. unchanged
Wheat exports at 31.5 million bushels. Running at 133% ahead of the USDA estimate. Still wheat is following corn. This will continue to run all the way to corn harvest and after. Canadian wheat yields seem to just keep getting better.