Sep 20th 2012
Grain Marketing Specialist
Corn: As of 7:30-4 lower
Corn appearing to find some footing yesterday closing higher for the first time this week. Ethanol production reported at 834 up for the week. Export sales this morning reported at 70 for the 12-13 crop below the expected range 300-400tmt. I look for harvest to continue to limit gains in the short term. Technical indicator remain weak.
Soybeans: As of 7:30- 7 lower
Soybeans gaining back Tuesday’s loses but still well below the contract high posted earlier in the month of 17.89. Rumors of Chinese business help spur the day’s rally. Harvest pressure and the fact that funds still hold a large long position look to keep this market in check in the short term. Export sales this morning reported at 712 for the 12-13 crop in within the expected range of 600-800tmt.
Wheat: As of 7:30- Winter 2 lower, Spring unchanged
Wheat posting gains yesterday on spillover strength from row crops. Australian crop still looking for moisture. Exports sales this morning reported at 489 slightly above the expected range of 300-400tmt. Technical indicators giving no real direction as we continue to be range bound.