Aug 14th 2013
Grain Marketing Specialist
Corn: As of 7:45- 1-2 higher
The morning started out yesterday with carry over strength from Mondays report only to sell off putting in new lows on realization that we are still looking at a large crop. Ideas of USDA underestimating crop size based the use of a five year average ear weights for the calculation being skewed from last year’s drought. Corn prices still not to where they need to be to compete globally as offering are still as much as 50 cents lower than US. 6-10 forecasts look warmer and drier for the Western Corn Belt.
Soybeans: As of 7:45- 7 lower
Soybeans managed to hang in there yesterday and extend Friday’s rally as the balance sheet appears to justify so. Ideas of warmer/drier weather also cutting yields. Argentine bean processors will hold a 1 day strike in the Rosario grain hub to improve wok conditions and more health care. We will continue to watch to forecast as August makes beans.
Wheat: As of 7:45- 1 lower
Weather, a strong dollar, and spillover weakness from the corn market pushed wheat lower yesterday. Favorable weather over HRW parts and planting coming up fed ideas of more wheat acres working their way into the rotation. Outside of that not a lot of news out there, look to corn for direction.