August 5th, 2013
Rains and good weather will keep pressure on the markets. Informa to estimate crops mid morning. Below is a picture of precip amounts for the last 30 days
Corn as of 8:00am. Sept. 9 lower Dec. 5 lower
Weekend rains in the western corn belt were wide and sparatic, but parts of Kansas, Iowa, Illinois and Wisconsin got to see some decent amounts. Cool temps and a wet forecast remains as the outlook going forward. Early ideas and forecasts for next week’s report are putting total corn production at 14 billion bushels. Weekly crop condition report will be out this afternoon. The trade is not expecting much, maybe a little change due to western dryness. Trade is watching weather in China because there are some areas of dryness, thoughts of China possibly needing to import corn. Trade also growing concern of the cool weather as the US corn crop gets closer to frost dates. Weather remains the player. December corn futures keep heading south. Looks like some resistance around $4.53 futures.
Soybeans as of 8:00am. Nov. 7 lower
Soybeans turning lowers after a mostly uneventful trade overnight. Weather remains favorable keeping pressure on this market. Things could turn around if some areas of the US don't get a drink, and exports continue to increase. Private estimates, before next week’s August crop report, are showing a smaller crop then what the USDA has predicted. Crop condition report out today trade not expecting much change do to favorable growing conditions. Looking at the Nov futures we see some resistance at $11.50
Wheat as of 8:00am. Spr. Wheat. 3 lower Win. Wheat. 4 lower
Wheat is just hanging around and following the other markets after failing to extend follow through buying after last week’s gains. There are mixed ideas about exports and lack of any production problems around the world. This will keep the market in check as it tries to price into the export market. Resistance on Sep futures for Mpls wheat are around $7.30 and KC Sept futures are around $6.85