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RSS By: Dustin Johnson

Dustin works with a wide net of large producers throughout the Midwest. His analytical market approach and objective hedge strategy development is specific to the needs of every individual.

Closing Grain Commentary 5-14-2010

May 14, 2010
Corn opened the day lower and traded sharply lower through the first part of the session. Corn ended up finishing 6 cents lower on the week. We still believe corn is in a trading range for now. Up at $3.99 Dec corn we saw heavy producer selling and could see end-user buying another 10 cents lower from our current level.  Tuesday’s USDA Supply and demand report and recent Chinese corn purchases both confirm there is still stronger than anticipated demand. Even with great weather and great planting progress we could find end user support on breaks. Continued weak outside market influence should be watched closely as it can also offer resistance to the corn market.
Soybeans finished the day sharply lower finishing 8 cents lower on the week (Nov 10.) Today’s NOPA crush estimates fell below expectations by about 7 million bushels. Tuesday’s USDA report also showed carryout to be larger than expected. We still think beans can go lower from here so for a producer we recommend being well protected.  Call your broker about today’s new crop Soybean’s recommendation.
Wheat had a tough time keeping its recent week-over-week gains. It ended up finishing 33 ½ cents lower on the week (Dec 10.) There is still plenty of wheat right now with a billion bushel carryout. With wheat getting cheap compared to corn you could see some of that go to feed but we still see wheat going lower.   For producers we still want to store wheat when possible and sell into the deferred contract months to collect the carry. Please contact us with any questions.

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COMMENTS (4 Comments)

Anonymous
good chance you will never see late planted corn yield like it did last year. You just usually see the cool temps prevail like last year, a week of 90 degree weather can cut alot of bushels in a hurry verses temps that barely reach 80 degrees, that's a little unusual, weather made the 2009 crop not the hybrids.
8:29 AM May 17th
 
Anonymous
idk about the 187 bu planted in july. around here it is more like 30 of 40 bu if planted in july.
9:45 AM May 15th
 

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