Aug 4th 2014
Grain Marketing Specialist
Corn: As of 7:45- 3 higher
Corn putting in new lows Friday on continued idea’s of a 170 bpa + type of crop. Funds estimated sellers of 9000 contracts which puts them an estimated short of over 32,000. This morning we look to have bounced off of a new contract low in the overnight. Crop rating expected to slip slightly this evening. Technically this markets looks in need of a bounce but is having trouble finding someone to step in front of it with ideas of growing crop size. Weather and yield estimates look to dictate direction at this point.
Soybeans: As of 7:45- 13 higher
It’s looks to be all about the weather as August makes beans…. Friday seen fund liquidation of an estimated 10,000 contracts off of a favorable weather forecast. Now that the Western Corn belt appears to have largely missed precip over the weekend we look to be bouncing back this morning. 6-10 day forecast does look be more favorable for both moisture and temps. Crop ratings expected to drop a little this evening. Technically I have support at contract low of 10.55X.
Wheat: As of 7:45- winter 8 higher, spring 6 higher
Technical buying led too much of Friday’s gains in the wheat complex. This was fueled in part by CWB estimates of the Canadian spring wheat yields at 43.1 bpa vs last year at 53 along with lost acres to flooding. Spring wheat harvest just ramping up in the Dakota’s and appears to be looking pretty good at this point.