March 19th, 2013
Corn as of 7:30 am. May. 2 higher, Dec. 2 lower.
Modest gains this morning after corn posted a rally yesterday. Markets were dragged lower after some European money woes. Corn finding a little boost today after export numbers came out yesterday. Exports were at 15.4 million bushels. This is still very disappointing, but it was better than last weeks numbers. There is also a boost coming from the feed market, and positive ethanol margins. Look to see cash corn cautiously rise into the March 28th report. New crop will remain rage bound.
Soybeans as of 7:30 am. May. 1 higher, Nov. unchanged.
Soybeans are a little higher today after managing to hold support yesterday above $14. Exports were not very good, at only 8.4 million. Today we are seeing some bargain hunting after the sell off. There is also news of possible frost damage to some of the soybean crop in Argentina. The big news is China canceled almost 75 million bushels of South American soybeans do to shipping logistics. Could we see some more interest come back to the U.S.? Reminder that were are still very short in the old crop.
Wheat as of 7:30 am. Spr. Wheat. unchanged, Win. Wheat. 1 higher.
Wheat markets also a little higher this morning after yesterday's loses. Export numbers remained strong with 23.9 million bushels inspected last week. This number was down from last week, but better than this time a year ago. After this week weather is expected to turn drier and colder through the Plains.