July 10th 2013
Grain Marketing Specialist
Corn: As of 7:45- 2 lower
Hotter/ dryer forecast led to technical buying yesterday pushing corn higher. Funds are estimated buyers of 20,000 contracts after having whittled down their position over the last 10 days. South Texas corn harvest is progressing with reports of yields of 90-120 bpa with good quality and milo averaging in the mid 5k’s and with also good quality. Tomorrow USDA will release the S&D report at 11 a.m. cst. Technically Dec corn is looking a little better with my next upside objective at 5.40 CZ3.
Soybeans: As of 7:45- oc 2 lower, nc 3 higher
Talk of China having troubles with Argentine beans with the Rosario port strike along with continued delays to SRW harvest delaying double crop plantings. It said by some that they will continue to plant until July 20th leaving a little more time to accomplish this. Funds buying an estimated 10,000 contract yesterday. Watch USDA S&D’s tomorrow for 12-13 carryout. China imported a record 6.93 mmt of soy during the month of June vs 5.6 last year. Technically all 3 of my indicators are bullish old and new crop.
Wheat: As of 7:45- unchanged
Wheat was/is higher on spillover row crop strength and pre report positioning. Russia is expected to export about 17mmt this year. Funds estimated to have bought 5000 contracts of wheat yesterday in the midst of HRW harvest. Technically showing no clear direction.