7/19/2013, 8:00 CST
COMMODITIES | AGRICULTURE
Bergman Morning Wire
CU -3 ¾ CZ -5 ½ SQ +10 ¾ SX +¾ WU +1 ½ KWU –½ MWU +¼
- Markets trading mixed overnight with old crop beans seeing some strength, corn weakness, and wheat stuck in the middle.
- Cattle on feed out this afternoon.
- A cooler/wetter forecast continues to weigh on corn. Sunday night weather will be key for direction next week.
- Cash corn still extremely strong as lack of strength in September futures is leaving all the heavy lifting up to basis. Cash beans still trading big premiums to futures, but basis has weakened in western areas.
- South Korea bought 165 tmt of South African and Black Sea corn.
- Bean sales after yesterday exceed USDA’s estimate by 680 tmt. Corn sales exceed USDA’s estimate by 932 tmt. Sales are rolled forward every year, so it’s probably a little early to be thinking the USDA needs to raise their estimates.
- China reportedly bought 600 tmt of Australian wheat as they continue to try to build govt. stocks.
- USDA reported 120 tmt of SRW to China in 2013/14 on the daily report.
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