Mar 12th 2014
Grain Marketing Specialist
Corn: As of 7:45- 4 lower
The corn market found moderate strength yesterday on the Ukraine/Russia situation and fund buying. Funding are estimated purchasing 8000 contracts yesterday. We will continue to anticipate the Mar 31st report as corn/bean ratio of 2.47still suggests more soybeans. A late spring would also tend to favor more bean plantings as well. For the morning corn looks to be drug lower by soybeans.
Soybeans: As of 7:45- oc 39 lower, nc 14 lower
Spreading seemed to be the name of the game yesterday as the unwinding of OC/NC spreads led to a mixed close. Talk of Chinese cancellations is weighing heavy on this market this morning. Brazilian harvest is being reported as 50% complete. Technically all three of my indicators are bearish with the next support for May at 13.54 and 13.29.
Wheat: As of 7:45- mixed: unchanged to 2 higher
Wheat led the way yesterday closing higher across the complex on Ukraine/Russia tension along with US HRW concerns. Warmer weather is greening up winter wheat leaving it susceptible to adverse conditions. It feels pretty nice out now but not sure winter is completely behind us…. A story circulating that the bulk of the Crimea region of Ukraine will not be planted due the recent turmoil added support to the wheat market as well.