June 11th 2014
Grain Marketing Specialist
Corn: As of 7:45- OC 2 higher, NC 1 higher
The corn market rebounded modestly Thursday and Friday but still closed the week lower as little seems to threaten the crop. Informa released acre estimates on Friday @ 91.581 mac (neutral). Crop conditions out this afternoon, most look for little change. Technically this market remains oversold with with support for the July at 4.39 ¼ and resistance at 4.59. Still no threatening weather in the forecast could limit any major recovery.
Soybeans: As of 7:45- OC 5 higher, NC 1 lower
Soybeans closed lower for the week last week on favorable crop conditions and fund liquidation. It may be hard to attract outside $ until something threatens this crop with other investments performing much better. Informa acreage estimate at 81.7 mac, slightly larger than USDA’s 81.5. May NOPA crush will be released today with an expectation of 126.9 ish mbu. Better crop ratings expected in tonight crop condition report. Technically 2 of my three indicators are bullish but I would imagine growing conditions and fundamentals will likely trump technical’s at this point.
Wheat: As of 7:45- 5-6 higher
Recent rains have slowed HRW harvest and added some quality questions. Informa spring wheat acre estimate at 12.179 mac vc USDA at 12. 6-10day forecast does look to allow for harvest progress. Technically this market looks to due for a bounce.