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RCM Grains Morning Wire 06/17/13

Doug Bergman 06/17/2013 @ 11:44am 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 -2          SN -12            WN -4 ½            KWN -½           MWN -2 ¼ 


  • Markets trading mostly lower overnight on expectations for better weather moving forward.
  • Crop progress out this afternoon with bean planting expected to be 85-90% complete.
  • NOPA crush out this morning (117-118 expected).
  • Commitment of Traders showed funds as net buyers of 12k beans, sellers of 8k corn, and essentially flat in wheat.
  • July options expire Friday with big open interest at the $15 strike in beans and
  • South Korea feed mills reportedly looking to buy Black Sea corn for the first time.  They are tendering for 140 tmt.
  • South Korea’s Nofi seeking 55 tmt of feed wheat.  US offers are not being considered.
  • European buyers bought 80tmt of non-GMO Indian soymeal.
  • Indonesian flour millers bought 70 tmt of Australian wheat.  Australian wheat stocks expected to drop to 2-3 mmt ahead of their harvest in Oct., down from 8 mmt last year.
  • Cash markets in the US continue to be very firm for corn/beans with new recent highs for corn basis seen Friday.


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