Mar 25th 2013
Grain Marketing Specialist
Corn: As of 7:30- 2 lower
Mixed trading Friday had May corn seeing a 16c range before settling towards the lower end of the range at 6 ¾ lower but still 14.5c higher for the week. Informa released acreage estimates for Thursday report at 97.753 down from the Dec estimate of 99.03 but up from the 2012 USDA acreage of 97.155. Seem to be settling in with USDA prospective plantings and quarterly stock report out on Thursday. Technically no clear direction with May support at 6.81 and resistance at 7.34 and 7.47.
Soybeans: As of 7:30- 5 lower
May soybeans sowing mixed trading as well before settling 8 ½ lower on Friday while gaining 14 ½ for the week. Informa estimates 78.457 down from Dec of 78.96 but up from USDA 2012 of 77.198. The USDA report being released on Thursday also looking to keep this market on its heels. Technically I have support at 14.03 and resistance at 14.85 and 14.97.
Wheat: As of 7:30- unchanged to 1 lower
Wheat managing to post modest gains on Friday both for KC and Mn wheat. Moisture falling on a good share of wheat country but cooler temps leading to fears of frost damage to jointing wheat. Informa has all wheat plantings estimates at 56.07 up from 55.736 last year. Technically the wheat market has all three of my indicators bullish both Mn and KC wheat.