June 9th 2014
Grain Marketing Specialist
Crop production and Supply and Demand Report out Wednesday.
As of 8:00am July 5 lower, Dec. 6 lower
The corn market is heading lower again today. It tried on Friday to get out of this trend, but the weather is just too good. Technically speaking July corn is supporting itself at $4.50. If it breaks though that we are heading for $4.39. December corn is holding the $4.50 level. If it closes below that we look to be heading for $4.35
As of 8:00am July. 2 lower, Nov. 4 higher
Weather forecasts, for the next two weeks, are seen as favorable. Futures will remain volatile as market tries to figure out old crop supplies. New crop estimations will keep the Nov futures in check. Technically speaking we see the July beans holding support at $14.56. Nov futures are holding at $12.05.
As of 8:00am Mpls wheat 2 higher KC wheat 3 higher
Rains are moving across the southern plains. Some see this as beneficial. Longer outlooks have conditions turning hot and dry. Mpls wheat is holding support at $7.08. KC wheat is holding at $7.01.