Sep 16th 2013
Grain Marketing Specialist
Corn: As of 7:45- unchanged
Corn drifting lower Friday on yield increase from USDA WASDE report on Thursday. Many still not believers of yields but we keep hearing the phrase “better than expected” on early harvested acres. We are hearing some concern about test weight. Time will tell as harvest pushes forward. FSA certified acres report will be out tomorrow morning. We will have to look to the FSA data and soybeans for any bullish movement. Technically this market is bearish all three of my indicators with support at 4.45 ¾.
Soybeans: As of 7:45- 14 lower
Soybeans traded lower on Friday on profit taking off of Thursday move higher. Still failing to take out the 14.09 mark topping out at 14.00 Thursday night. Nopa crush out today expected to show 110mbu of crush. FSA data coming out tomorrow and any indication of less harvested acres than USDA is presenting using would further tighten an already historically tight balance sheet. Technically we have gaps to fill below us at 13.31 and above us at 13.81.
Wheat: As of 7:45- unchanged
Idea’s of rain and spillover pressure from row crops pushed the wheat complex lower on Friday. Any rain on HRW will be seen as beneficial to both the crop and the likelihood of planted acres. Last night trade a little choppy as rain not producing quite as much as some anticipated. Look from direction from corn and soybeans for the time being.