Aug 6th 2014
Grain Marketing Specialist
Corn: As of 7:45- unchanged
Little news for corn these days as we continue to debate crop size. Informa released estimates yesterday at 168bpa with a total production of 13.988 billion. Many privates estimates still north of 170 bpa. Ideas of EU wheat quality issues while helping buoy the wheat complex adds another feed stock to compete with corn. Technically my indicators do look oversold but an argument could made that there is no such thing as weather and production will ultimately drive direction. Dec support at 3.61 and resistance at 3.73.
Soybeans: As of 7:45- 4 lower
Some limited rain did fall in the WCB and there is more in forecast. This continued to pressure soybeans yesterday and last night. Informa soybean estimates yesterday pegged beans at 44.5 bpa with 3.7 billion bu’s of production. Cash oc crop beans are still considerable inverted and the market will look to take that away between now and harvest. Something tells me it will from old coming down to new and not the other way around. Technically 2 of my 3 indicaotrs are bearish.
Wheat: As of 7:45- spring 3 higher, winter 5 higher
Continued concerns about EU crop quality keeps this market in the black. Some rain across SD slowing harvest progress. Informa pegging Spring wheat yield at 45.6 bpa and Winter at 43 bpa and total at 43 bpa. Technically all my indicators remain bullish with resistance for winter at 6.69 and spring at 6.57.