March 18th, 2013
Corn as of 7:30 am. May down 5, Dec. down 4.
There is weakness this morning in the soybean market causing the corn market to retreat from last weeks gains. Tight old crop supplies and strong basis in the cash market had corn ready to test resistance on the upside last Friday, today we are trying to hold the 50 day moving average at $7.09 may futures.
Soybeans as of 7:30 am. May down 15, Nov. down 9.
Soybeans are seeing follow through selling caused in part by South American supplies starting to flood the market and lower than expected crush numbers from last week. U.S. stocks are still very tight. This could create some possible pricing opportunities this spring and summer. Right now though it seems we are in a down trend as we blew through multiple support levels last week. Look to see if we can hold the $14 dollar level.
Wheat as of 7:30am. Spr. Wheat down 5, Win. Wheat down 7.
Wheat is following the rest of the market this morning as it is giving back some of its gains from last week. Storms forecasted early in the week for the northern Plains and the Great Lakes area. Also some chances on the western Plains later in the week. The weather is then expected to turn drier for the hard red winter wheat belt.