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RCM Grains Morning Wire 06/18/13

Doug Bergman 06/18/2013 @ 1:02pm 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.

COMMODITIES | AGRICULTURE

RCM Grains Morning Wire

 

CN +1/2          SN +5 ¼             WN +4            KWN +5 ¾            MWN +3 ¾  

     HIGHLIGHTS

  • Markets higher for most of the night before corn went slightly negative at the end of the overnight session.
  • Crop progress yesterday showed bean planting below expectations, which helped to give the market a boost overnight.
  • Corn ratings near expectations with 64% g/e.
  • Spring wheat ratings jumped to 68% g/e.
  • Taiwan Sugar Corp. cancelled a tender to import 12k US beans and 23k US corn as they expect a drop in prices.
  • Russia sold 34.2 tmt of intervention grain today.
  • Dec. corn made a decent reversal on the charts Monday, trading to a new low for the recent move lower and closing higher.  If a pull-back today finds buyers, look for a move to the upper end of the range.
  • Cash corn and beans trading well above futures in most areas.
  • USDA announced 240 tmt of beans sold to China for 2013/14 on the daily report.

WEATHER

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