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RCM Grains Wire 7.17.13

Doug Bergman 07/17/2013 @ 11:01am 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.

DOUG, BERGMAN +1 312-870-1503

VP - Agricultural Derivatives

dbergman@rcmam.com

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Market Commentary | US

7/17/2013, 8:00 CST

COMMODITIES | AGRICULTURE

RCM Grains Morning Wire

 

CU -2 ¾     CZ -4    SQ -½     SX -4     WU +1      KWU +¾      MWU +2       

     HIGHLIGHTS

  • Markets trading mixed overnight with corn seeing some pressure this morning.
  • Bernanke’s congressional testimony notes said they intend to continue their asset purchase program until better results are seen in the unemployment numbers.  Equity markets initially moved higher on the comments, but the net effect was small.
  • South Korea bought 60 tmt of Black Sea Region corn.
  • South Korea bought 40 tmt of Australian wheat.
  • South Korea bought 42.3 tmt of US wheat.
  • Reuters ran a story that China wheat imports may be understated as their crop has been damaged.  USDA raised China wheat imports to 8.5 mmt on the most recent report.
  • Cash corn markets still very strong in most areas.
  • Cash bean posted basis dropping in many areas, but some of that is related switching bids from August to Sep.
  • USDA announced 165 tmt of beans sold to China for 2013/14.

WEATHER

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