June 12th 2014
Drew Johnson
Grain Marketing Specialist


Corn
As of 8:00am unchanged.

The USDA did not make any changes to the balance sheet yesterday, but there was an increase in old and new crop global carry out. This led things lower going into the latter half of the market trade yesterday. The increase in ethanol production was probably the only bright spot in the market world yesterday for corn. Weekly export numbers this morning has exports at 409 tons versus 81 tons last year. Technically speaking we have gotten down to the chart lows around $4.35. We may have to ride this for awhile. Weather will become a big part in this market.   

Soybeans
As of 8:00am July. 6 higher.   Nov. 4 higher

Soybeans are posting a rally again this morning, after heading lower against yesterday report numbers. Export numbers this morning are good with 86.7 tons shipped this week versus 33 tons last year. Soybeans are going to remain volatile as trade tries to figure out the old versus new crop situation. Technically July SB’s are holding at $14.50. November is holding at $12.08.

 

Wheat
As of 8:00am unchanged to 1 lower
Wheat is still having a hard time crawling out of the basement. Yesterday’s report numbers increased both US and World ending stocks for wheat this year and next year. Export numbers this week are at 570 tons versus 435 tons last year.