September 13th, 2013
Next 5 Day Rain Forecast
Corn as of 8:00am Dec. 1 - 2 lower
Corn’s average yield number is now at 155 vs the 153 projected with total projected bushels of 13.8 billion. These numbers set our ending stocks at 1.85 billion. Almost triple of what our ending stocks were this year. Updated prevent plant numbers will not be out until next month. How many prevent plant acres are there? .5 to 1.5 inch rains are projected throughout the Corn Belt over the weekend as we see the forecast turning cool and wet. Technically speaking Dec corn managed to stay above the 460 futures mark. Support remains there.
Soybeans as of 8:00am Nov. 1 - 2 higher
42.1 bushel yield projection. The USDA did lower the ending stocks to 3.14 billion bushels. The final ending stocks at 150 million bushels. Thoughts that this number could also be adjusted in the quarterly stock report on September 30th. With such bullish news, trade now looking to see an acreage shift to soybeans next year. Huge South American soy supplies along with any other oil seed, could put a damper on demand for US beans. Price rationing may occur. How mush will it take? Technically speaking soybeans are bouncing off resistance at 1399 futures. If we get a good close above this number we could see these beans go to 1450. Locations are at a $13.00 type cash. If you have no beans sold for harvest. This may be a good place to start.
Wheat as of 8:00am Spr. Wheat 3 lower Win Wheat 3 lower
Nothing surprising happened in the wheat. World ending stocks did increase. Export sales for the week were down, but still keeping pace with USDA projections. This is keeping wheat prices from falling. Japan bought 4.2 million bushels, but only 1.5 million what US wheat. Wheat continues to follow corn. With a large corn crop coming, wheat will have a hard time staying afloat.