Aug 20th 2014
Grain Marketing Specialist
Corn: As of 7:45- 3 lower
The corn market yesterday traded both sides before settling basically unchanged on spillover strength from the wheat market. Last night we traded lower all night as the crop tour pushes forward and continues to find good yield estimates. Day 2 results have IN at 185 bpa up from last year’s 167.36 and NE at 163.77 bpa up from last year’s 154.93. Technically this market remains range bound as we will continue to debates crop size before the combines roll.
Soybeans: As of 7:45- 4 lower
Soybeans lower yesterday and last night on what looks to be a beneficial weather forecast for development. Still talk of old crop tightness with a large new crop staring us in the face. Old/new crop inverse still huge so if you still hanging on to oc bu’s you are playing dangerous game of chicken because the inverse will come out and it won’t be gradual.
Wheat: As of 7:45- 2 higher
The wheat complex showed a little life yesterday on harvest delays and concern over quality as harvest continues to drag on. There is still concern over Russia/Ukraine looming out there as well. Technically all of my indicators are bullish but I would imagine harvest pressure or lack thereof will ultimately give direction.