April 29th 2013
Grain Marketing Specialist
Corn: As of 7:30- oc 12 higher, nc 14 higher
The trade is looking for little planting progress (8-9%) in this afternoons report fueling a move higher this morning. Rain forecasted for much of Iowa and Nebraska and cooling temperatures helping the bull this morning as well. Funds long 80,000.Technically all three of my indicators are bullish with Dec support at the recent low of 5.17 and resistance at 5.47 and 5.67.
Soybeans: As of 7:30- unchanged to 2 lower
Slow corn planting holding soybeans back this morning. Ideas of acres switching form corn to soybeans and cotton in the Deltas already. Soybean exports tapering off but meal sales still remain strong. Domestically processors struggle to procure beans. Technically all three of my indicators are bullish with Nov support at the recent low of 11.86 and resistance at 12.25 and 12.49.
Wheat: As of 7:30- 5-7 higher
Still much uncertainty about how much frost damage has been done to the HRW crop and how been benefit from recent moisture there has been. Forecasts of lows of 20-30 down as far south as Texas this week again. Spring wheat plantings look to slow again in this afternoons report with many wondering how many acres will be lost. Wheat tour in Kansas this week with estimates out on Thursday. International Grains Group lowered world wheat production 3 mmt. Technical indicators remain bullish.