June 7th 2013
Brad Olson
Grain Marketing Specialist

Corn:  As of 7:45- oc 1 higher, nc 7 higher

Corn firm yesterday with The July showing the least strength rallying into the close to post gains. CN seems to stuck in a 6.50ish to 6.70 range with addition resistance at the top of the gap at 6.76. Next USDA report out on the 12th and the trade tries to anticipate any changes. Rains easing drought conditions in some areas but causing planting delays in others.  Iowa looks to be the focal point for precip for the next 5 days which is exactly what they don’t need. Goldman roll begins today.

Soybeans:  As of 7:45- oc 13 higher, nc 21 higher

12-13 crop exports sales a little light yesterday falling below weekly amounts needs to meet USDA estimates but meal sales tracking well over. Buenos Aires Grain Exchange had Argentine soybean harvest at 98% complete. After a rocky start both Brazil and Argentine export pace is now clipping along. How much planting progress did we make this week? All contracts look to be higher this morning as Nov approaches the recent of 13.31

Wheat:  As of 7:45- Spring 7 higher, Winter 2 higher

Net cancellations in yesterdays reporting’s of 12-13 wheat limited any gains. 6-10 day forecast looks to remain wet for North Dakota. How much planting progress this week? A boat of US whet is expected to reach S Korea is expected to looked over closely and tested for GMO.