Feb 21st 2013
Grain Marketing Specialist
Corn: As of 7:30- 1 lower
Corn posting late gains on ideas that Brazil is no longer offering March shipment and supportive wheat trade. Ag Forum will be releasing NC estimates today and tomorrow. Funds long 212,000. Moisture called for just about the entire Corn Belt over the next week. Weekly ethanol production numbers will be released today and exports sales will be delayed until tomorrow due to the short week.
Soybeans: As of 7:30- 2 higher
Talk of additional Chinese business this week and the thought of dock strikes in Brazil adding to already delayed loadings take soybeans higher again for the 3rd straight day. Loading delays being seen as opportunity for spill over business for the US pressuring an already tight balance sheet. Funds long 142,000. All three of my technical indicators are bullish with resistance at 14.96 and 15.41 with support at 14.00.
Wheat: As of 7:30- 3 lower
Egypt buying 60,000 tons of US wheat and talk of Chinese interest in US wheat helped that market close higher but good moisture predicted over much of HRW country limiting gains. With corn/wheat spread coming in recently talk of feedlots booking wheat for feeding needs helping to alleviate corn tightness.