June 17th 2014
Grain Marketing Specialist
Corn: As of 7:45- 1 lower
Corn continued its slide yesterday as it erased most the gains made late last week on generally good growing conditions. Exports inspections out at a stout 43.4 mbu. Crop conditions did improve 1% to 76% g/e. The only thing bullish a guy can find these days is some parts of SD, IA and MN receiving too much moisture and flooding low areas but how much impact that will have remains to be seen. Technically this market remains “oversold” as we put new lows for the move for the July. A person will want to pay attention to how we react to the Jan low for Dec at 4.35.
Soybeans: As of 7:45- OC 9 lower, NC 5 lower
Soybeans look to be weaker this morning on generally good growing conditions and forecast. Progress/Condition report should beans 92% planted vs. ave. of 90%, 83% emerged vs. ave. of 77% and a g/e rating of 73%. On the demand side export inspections at 7.9 mbu and NOPA crush at 128.824 mbu both solid numbers.
Wheat: As of 7:45- 1 lower to 1 higher
Wheat started the day looking like it may do something but succumb to pressure from an overall general idea that there are adequate global stocks. Export inspections at 14.6 mbu which was a little disappointing. Harvest progress looks a little slow as moisture has hindered progress but forecast looks to have some good harvest days ahead. Progress/Condition report has winter wheat harvest at 16% vs. ave of 20% and a spring wheat crop rating 71% g/e.