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RCM Grains Wire 7.2.13

Doug Bergman 07/02/2013 @ 10:27am 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.

7/2/2013, 8:00 CST

COMMODITIES | AGRICULTURE

RCM Grains Morning Wire

 

CN +7 ½    CZ +4 ¼     SQ +1/2       SX +5 ¼       WU +8 ¾     KWU +8 ¼     MWU +7 ½   

     HIGHLIGHTS

  • Markets trading mostly higher overnight with wheat seeing the best gains.
  • Markets close at noon tomorrow and reopen at 8:30 Friday morning.
  • Crop ratings yesterday showed corn and beans both rated 67% g/e, which is better than the five-year average for both.
  • China rumored to have bought new-crop corn yesterday. There did appear to be a strong bid in December corn at the 5.05 level at one point yesterday.
  • Cash markets still strong with ethanol plants and soy-crushers both bidding aggressively.
  • December corn traded to a new low overnight but has been able to rebound.
  • Wheat caught a bid overnight after settling lower eight consecutive days. The market shouldn’t run into much resistance until the mid-6.80s.
  • Sep./Dec. corn sold off hard yesterday, but is trading near support now.  Hedges should be rolled to the Sep.
  • Egypt tendering for 60 tmt of wheat. U.S. is not expected to get any of the business.
  • IGC raised 2013/14 world corn production to 946 mmt (945 previously).
  • Ukraine ag ministry said 2012/13 grain exports were 22.82 mmt, above their seven-year average.
  • Russian winter grain harvest is running well above year-ago levels. Their ag ministry sees this year’s grain harvest at 95 mmt, up from 71.7 mmt last year.
  • Brazilian truckers started a strike yesterday, which is expected to last three days.

WEATHER

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