October 15th, 2013
Corn as of 8:00 am unchanged
Corn market moved a little higher yesterday do to this wet weather and help from the soybeans. Corn harvest across the nation is predicted to be about 25% - 30% done. Farmers are putting it in the bins for safe keeping. We have hit new lows for the time being. Seasonal trends, for a late harvest year, have the corn finding new lows in December. Trading volume has slipped with only 131,000 contracts traded yesterday. Export data will be out today, even though it will not be an official report, the information will give the market something to go on. With full fledge harvest on the cusp, and predictions of better production, expect corn futures to remain under pressure. Support at 4.32 futures.
Revenue Insurance Price discovery is at $4.405
Soybeans as of 8:00 am 4 – 5 lower
This boat stays afloat as harvest slows down due to the rains pushing through the Midwest. Crush numbers out today with predictions in the range of 105 – 107 million bushels versus the 119 million last year at this time. Harvest is predicted to be 50% done across the nation. Chinese demand seems to be up with rumors of China buying 500,000 – 2 million metric tons of SB’s, but without government report, it is hard to confirm this. There will be some export data out this morning that might give the trade some idea on demand. Rains are forecasted for Brazil and Argentina helping with soil moistures down there. Expect market to maintain these levels. Support at 12.62 futures.
Revenue Insurance Price discovery is at $12.825
Wheat as of 8:00 am Spr. Wheat 1 lower. Win. Wheat 2 lower.
Trade continues to watch the harvest progression in the Black Sea and Europe. Quality has been reported as good, but acres are down in Ukraine and Trade expects wheat acres to be smallest since 2001. Rain fell in Argentina, but not expected to have much impact on the wheat market. Moisture is the US is helping the winter wheat crop get established before winter sets in. No idea on the progress, but it is predicted to be much better than these last few years. Support for Spring and Winter Wheat is around 7.50 futures.