June 10th 2014
Grain Marketing Specialist
Crop production and Supply and Demand Report out Wednesday.
As of 8:00am July 1 higher, Dec. unchanged
Corn ratings are 75% good vs 63% last year, down 1 percent from last week. Export inspections yesterday were good at 45.2 million bushels. This is still below trend needed to keep pace with the USDA projections for the 2013 crop year. Technically speaking, we are still managing to hold around that $4.45 futures level for the July and December. Expectations still see this thing heading lower and we may touch the $4.35 futures level before we see any possible movement towards the upside. If you still have crop in the bins consider some call options to guarantee a minimum price and try and help catch any summer rallies should they occur.
As of 8:00am July. 6 higher, Nov. 1 lower
Soybeans ratings are at 74% good vs the 64% last year. Planting increased by 9% and is 87% done for the year. Exports yesterday were small at 4.5 million bushels. That, however is keeping on track with the USDA projections for the remainder of the year. Soybean market to remain volatile as the trade tries to figure out ending stocks vs what will be coming out of the field. Technically speaking, July soybeans are still holding support at $14.50. November futures find support at the $12.05 area.
As of 8:00am Unchanged.
Spring wheat is seen at 71% good vs 62% last year. Harvest is just getting underway in the South. Rain forecasted to move across the plains is seen as favorable for spring wheat, but could cause delays and possible quality issues with the winter wheat. July Mpls wheat is finding support at $7.02. KC wheat is finding support at $7.07.