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RCM Grains Morning Wire 06/14/13

Doug Bergman 06/14/2013 @ 11:01am Originally from a grain and livestock farm in central Illinois, Doug Bergman began his brokerage career at Iowa Grain Company before moving on to a broker/analyst role at MF Global. Doug currently runs the agricultural trading desk at RCM Asset Management, providing trading and hedging solutions to commercial grain and livestock customers as well as speculative traders. Doug provides his customers with timely research and analysis, producing three daily research reports. Doug still takes an active role in the family farm.

CN +6 ¼          SN +9            WN -2 ½            KWN -1 ½           MWN +1/4

     HIGHLIGHTS

  • Markets trading mixed overnight with old crop corn and beans seeing best buying while new crop corn and wheat markets trade lower.
  • Cash markets across the US for old crop corn and beans holding in strong.
  • Most corn and bean buyers seeing positive margins in spite of high prices and strong basis.
  • NOPA crush out on Monday with expectations for crush near 116 mbu, which would be down 4m from April.
  • China approved 3 GM soybean varieties for import that are grown in Brazil.
  • Japan bought 73.4 tmt of US feed wheat and 37.5 tmt of Australian feed barley.
  • Ukraine June 1 grain stocks were 6.3 mmt, down 42% from a year ago.
  • Early Russian wheat yields coming in considerably better than a year ago.

WEATHER

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