Oct 11th 2013
Grain Marketing Specialist
USDA will not release its monthly report today.
Corn: As of 7:45- 4 lower
Corn trading lower yesterday on continued harvest pressure and talk of the EPA considering lowering the ethanol mandate for 2014. Idea’s that the reduction would be from 14.4 billion gallon down to 13 or could equate to about 500 mln bu’s. Corn harvest looks to pick up pace as soybean harvest shifts to corn. Technically indicators remain bearish as we put a new low in over night at 4.33.
Soybeans: As of 7:45- 6 lower
Soybeans trading higher most of the day before losing momentum towards the end of the session. Harvest pressure and farmer selling was noted. It seems for most that yields continue to surprise. EPA proposal appears to have left bio diesel unchanged in its proposal. Technically we appear to be range bound with a close above 13 hard to come by.
Wheat: As of 7:45- 1-3 higher
HRW is mostly seeded and US DNS is all put finished. Egypt’s GASC cancelled a tender due to high prices helped pressure wheat lower yesterday along with ideas of lower weekly exports. There was no weekly reporting due to the continued govt shutdown. Technically all three of indicators remain bullish wheat.