Sep 20th 2013
Grain Marketing Specialist
Corn: As of 7:45- 1 lower
Outside markets and ideas of rain delaying harvest along with wheat supporting corn yesterday. Yep that’s right I said wheat supporting corn. Export sales in line with but on the low end of expectations. Yield reports still seem to be as or better than expected but we will see when harvest pushes into some of the later planted crop if this remains true. Technically this market continues to consolidate as harvest rolls ahead. 6-10 day forecast calling for above average temps and moisture.
Soybeans: As of 7:45- 12 lower
Harvest pressure, weather and technical selling kept this market from gaining yesterday. Strong export sales reportings along with an additional announcement of 120,000 mt sold to unknown destination shows continued interest in US beans. Any sort of hiccup in the current balance sheet could throw this market into another year of rationing. Above average temps in the 6-10 day look to alleviate any frost concerns. We did finally fill the gap 13.31 ½ I have been talking above all week and quickly bounced off of it. Support seemed to disappear last night though as we clearly have punched through it. Next stop 13.15???
Wheat: As of 7:45- 2-3 lower
Wheat was the shining star yesterday as export sales exceeded expectations coupled with technically buying showed us the most promising close we have seem in a while. Canadian crop still looks large with talk of low protein. Funds still net short wheat. Yesterday’s action have turn all three of my indicators bullish both KC and Minneapolis wheat. Fundamentals should limit any significant rally.