March 6th 2014
Grain Marketing Specialist
Traders wait to see how the Ukraine crisis will unfold and if it will have any effect on markets long term.
As of 8:00am May unchanged, Dec.’14 1 lower
Ethanol numbers yesterday were down 11,000 barrels, but overall are 11% higher than this time last year. July to December corn is now trading at an inverse, despite good ending stocks. Corn is still pushing up against resistance at $4.84 May futures with Dec futures just hovering below the $4.86 resistance. Trade waiting for monthly supply and demand report next Monday.
As of 8:00am May 11 higher, Nov. ’14 is 6 higher
Soybeans keep heading up, up and away. Rains in South America keep this market alive, as rain eases drought concerns, but also delays harvest. Trade is waiting for next Monday.
As of 8:00am Spr. Wheat 2 lower and Win. Wheat 3 lower
Winter Wheat is hitting resistance at $7.10 and Spring Wheat is hitting at $6.88 slowing this market down. Light precipitation, through the winter wheat belt, is expected this week. 8-14 forecasts, however, have things turning drier with below normal temps.