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RCM Grains Wire 7.15.13

Doug Bergman 07/15/2013 @ 11:17am 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.

7/15/2013, 8:00 CST


RCM Grains Morning Wire


CU -7 ½       CZ -7 ¼      SQ +1 ¾     SX -4 ¾       WU -9 ½       KWU -9 ¼      MWU -5 ½       


  • Markets under pressure overnight on better weather expected to finish out July.
  • Commitment of traders on Friday showed managed funds sellers of 36,000 corn, taking their net short position to a record -56,000 contracts.  Funds were essentially flat in beans and wheat.
  • Crop ratings this afternoon expected to drop 1-2% for corn and beans.  Corn was 68% g/e and beans 67% g/e last week.
  • Many analyst tweaking yield estimates with 155-160 catching most corn estimates and 42-43 for the beans.
  • NOPA crush out this morning with expectations of 115.4 mbu crushed in June.
  • Cash corn markets mixed.  Cash bean markets pulling back more, which has been the trend recently.
  • China bean futures were lower overnight along with US.  After record bean imports in June, China is dealing with supply glut.
  • Wheat harvest moving along in the US with most producers seeing better than expected yields.
  • USDA announced 120 tmt of new crop corn sold to unknown on the daily report.


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