RCM Morning Grains Wire 6/11/2013
6/11/2013, 8:00 CST
COMMODITIES | AGRICULTURE
RCM Grains Morning Wire
CN +2 SN +9 WN -1/2 KWN -1/2 MWN +1½
- Markets trading mixed overnight with July beans the only market making much of a move.
- Crop progress yesterday showed corn planting 99% complete (as expected), bean planting 71% (a bit below expectations), and corn rated 63% g/e (a bit lower than expectations). No major surprises, however.
- USDA report out Chicago time. Estimates will be emailed out later this morning.
- Dec. corn tested support near the 50 DMA yesterday and again last night, bouncing both times. July corn is also trading right at the 50 DMA on a continuation chart.
- Cash markets firm for corn and beans with basis pushes beign paid.
- South Korea bought 134 tmt of optional origin corn.
- Taiwan Sugar Corp. is tendering for 23 tmt US corn and 12 tmt US beans.
- Japan restricted imports of US feed wheat out of the PNW, but they are still interested in US SRW. They are seeking 120 tmt of feed wheat and 200 tmt of feed barley.
- The Senate passed a bill to end direct payments.
- USDA lowered India wheat production forecast to 87 mmt (92 mmt previously).