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RCM Grains Wire 7.11.13

Doug Bergman 07/11/2013 @ 11:26am 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.

7/11/2013, 8:00 CST

COMMODITIES | AGRICULTURE

RCM Grains Morning Wire

 

CU +2 ¼       CZ +½      SQ +1 ¼      SX -2       WU +5      KWU +5      MWU +3¼      

     HIGHLIGHTS

  • Markets trading both higher and lower overnight and sitting near unchanged now.
  • Report out at 11.
  • Export sales this morning for wheat 1,473 tmt (600-1,000 expected), corn 1,049.8 tmt (300-600), beans -70.9 tmt o/c, 410.8 tmt n/c (150-500), meal 33.7 tmt o/c, 10.9 tmt n/c (75-150), and oil -2.3 tmt (0-10).
  • Strong wheat and corn sales with bean sales near expectations.  Net cancellations of old crop beans are somewhat expected in the coming weeks.
  • Dovish Bernanke comments pushed global equity markets and most commodities with the exception of crude and ags sharply higher yesterday afternoon and overnight.  The US$ dropped over 200 points.
  • Cash corn markets still very firm while soy bids continue to pull-back.
  • CNGOIC lowered China soy production to 12.3 mmt, down 3.9% from last year.
  • CNGOIC said China wheat imports could reach 5 mmt (USDA currently 3.5 mmt but will update today).
  • Taiwan bought 60 tmt of Brazil corn.
  • Japan bought 49.9 tmt of US/Australian/Canadian wheat.

WEATHER

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