Good Afternoon to All: Solid buying across all sectors of the grain markets at the CBOT today was the featured trade. The driver was warmer and dry weather across the belt in most forecasts for the next two weeks. This will effect soybean development the most and the beans led the charge higher. The western and northern belt are dry areas causing the most concern. New crop SX13 finished the day 44c higher to close at $13.03. this was the highest close since June 20 and is within the next resistance at $13.33 (made on June 7th) then at $13.50 (made way back on February 4th). December corn (CZ13) futures settled up 22c at $4.85 1/4c, the highest close since July 24th. The sledding will get a little tougher as we approach the $4.90 to $5.00 area. Chicago wheat futures (WZ13) finished 10c higher at $6.53 ½ and were dragged along higher by the soybean and corn rally. The next resistance is around $6.79 made three times at the beginning of August. If corn and beans falter, slippage to the recent contract low of $6.35 ½ is all but assured. The Pro Farmer Crop Tour started this morning and results announced so far out of the leg in Ohio are not as good as was anticipated. While the crop there so far looks good, it’s not considered great so far. Conditions in South Dakota are as expected with some concern about bean pod fill. Crop Progress report out this afternoon shows some decline in the Good/Excellent ratings in both corn and soybeans. Corns was rated 61% G/E vs. 64% last week. Soybeans were rated 62% G/E vs. 64% last week. Seasonal declines at this time of year are not uncommon. In the livestock arena, October Cattle finished up 15c at $128.07 with Feeders up 27c at $157.95. Hog futures were mixed. Crude Oil futures are trading 50c lower and Gold futures are just under $5.00/oz. lower. The U.S. Dollar Index is basically unchanged today. Dow Jones futures are trading 36 points lower. Enjoy your evening, Frank Chapman Regional Grain Merchandiser Consolidated Grain & Barge Company
Posted on: Mon, 19 Aug 2013 20:12:48 +0000
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