Good Afternoon: Late buying in the last half hour of trading today in corn and soybeans pulled the old crop contracts into the plus side and helped the deferred contracts end up with only small losses. Chicago wheat stayed lower all day long but closed in the middle of its price range. Bull spreading was the feature in corn with the CN/CZ spread firming up 14 cents. The same was true in the SN/SX spread in soybeans which gained 8c. Nearby supplies remain tight as farmers try and finish up planting. Reports affecting the grain markets to be released next week are NPOA May soybean crush on Monday. Crop Progress out on Monday afternoon. Export Inspections and Weekly Export Sales scheduled to be released at their usual times. Sunday evening trade ought to be interesting to see if the weather cooperated in letting soybean planting progress as well as the forecasts out to the end of the month allow for good crop development of this later than normal planted crop. Live Cattle futures were 85c to $1.00 lower, no real cash market movement yet. Feeder Cattle close 95c to $2.00 lower. Hog futures were mixed. Crude Oil futures trading +41.00 and Gold is up about $10.00/oz. Dow futures currently trading 100 points lower with the U.S. Dollar down 4 ticks. Charts, etc.: CN futures made a nice recovery today to finish up +11c at $6.55. There is a bit on congestion at the $6.62 to $6.64 area on the way back up to try and test the recent high of $6.74. The fifty day moving average of $6.45 is near term support. SN support moves up to the 20 moving average of $15.07. It was temping for the bears to go after the June 10 low of $15.02 but the selling momentum ran out of steam. It will be a formidable task to get back to the $15.58 high we made this week. Look for some resistance at the $156.42 to 44 area. We have visited the low of around $6.74-75 three times since May 20 and almost got there again today with a low of $6.76. $6.62-64 is the next try at support. $7.00 should hold the topside for now especially going in SRW harvest. Spread note: Interesting to see the CZ/CH new crop spread start to move carry out to 11c. Have a great weekend, Frank Chapman Regional Grain Merchandiser Consolidated Grain & Barge Co.
Posted on: Fri, 14 Jun 2013 20:01:36 +0000