March 22nd, 2013
Corn as of 7:30 am. May. 4 lower. Dec. 2 lower.
We are seeing values lower this morning as corn is finding it hard to break through resistance at $7.34. Export sales numbers out yesterday. Corn still behind pace for what USDA has forecasted. New crop news. Georgia already 5% planted. Weather forecasts for April are wet and warm for the eastern, and southern corn belt areas. We are seeing some resistance around this $5.70 area. Look to see new crop range bound in this $5.50 futures area unless there is a hiccup in planting.
Soybeans as of 7:30 am. May. 5 lower. Nov. 5 lower.
Soybeans shot off yesterday on export sales business and Brazil rumors. Export sales numbers actually were below what the trade had guessed. The difference, they figure, is in the domestic crush numbers. There was also a little speculation with China canceling sales earlier this week, and traders hoping for renewed interest in U.S. soybeans. Chinese indications, some figure, are still aimed at South American soybeans.
Wheat as of 7:30 am. Spr. Wheat. unchanged. Win. Wheat. 2 lower.
Wheat was dragged lower yesterday because of lower than expected export sales and some profit taking from the day before. Weather forecasts, long term, forth wheat belts seem favorable, however the short term has some traders nervous. Colder than normal temps, short term, reaching as far as Texas. Meteorologists warning about possible frost.