June 13th 2014
Grain Marketing Specialist
It’s Friday the 13th
Best of luck to all of you out there!
As of 8:00am 3 higher.
Corn is trying to keep things going as it is trading higher again this morning. Export sales yesterday totaled 20.3 million bushels, with shipments of 42.2 million. Most of the Corn Belt received some sort of precipitation this week, with more precip to come. Long term forecast has plenty of moisture and below normal temps. Technically speaking we are still holding support for both old and new crop around $4.40
As of 8:00am July. 7 higher. Nov. 2 higher
Soybeans are higher this morning as they try to recover from yesterday’s sharp selloff. Export sales yesterday were not very exciting with only 3.2 million being reported, however if the US keeps doing business old crop stocks will only get tighter. Year-to-date shipments are a whopping 56 million over the USDA forecasts for the year. Technically speaking we see that old crop beans have dropped through the range that they have been trading since the first of April. We see support at $14 for the July, and $12.08 for the Nov.
As of 8:00am 3 to 4 higher
Egypt buys 6.6 million bushels of wheat from Romania and Russia. Total US export sales were at 21 million bushels. Weather is seen as favorable around the world. Wheat is going to have a tough time heading higher.