June 4, 2014
Producer Marketing Manager
A weak day all around commodities yesterday, but seeing posive numbers on the screen this morning for corn, beans, and wheat.
CORN: As of 7:45 – Up 1
We went to FREE DP on corn until August 1st yesterday. Space may be limited and available on a location by location basis. Weekly Ethanol production number will be released this morning and are expected to stay strong. I look for support on the Dec futures at $4.50……contract lows are at $4.35.
SOYBEANS: As of 7:45 – Old Crop Up 9, NC up 3
Seeing many processors roll their posted bids to the August futures, taking out 7 -20 cents depending on the market. When looking at old crop bids be sure to note what futures month each market participant is basing their bids off…….today -50N (July) is the same cash bid as +17Q (August).
WHEAT: As of 7:45 – MPLS Up 6, KC up 9
Harvest is just getting going in TX and OK and so far it sounds like protein levels are high, which is to be expected in a hot and dry growing environment. Seeding continues in ND as well.