5/17/13

July Corn up 11 (Dec down 5), July Beans up 21 (Nov up 11),Wheat down 5

Crude Oil- 96.33 up 0.86

US Dollar- 84.253 up 0.665

Dow-15,334.62 up 101.40

Corder now has bids for 2013 harvest.

Free DP on corn into Carrollton. Program can end at any time.

Beans took off like a rocket, breaking through its latest chart resistance level of 14.31 in the July Contract by midday. On the fundamental side of the market, weaker cash, large volume of farmer selling, and trader’s anxiety of being oversold helped to feed the bull on today’s session. Funds padded the higher market as they bought 5,000 lots of bean and 2,000 lots of meal. The corn market was dominated by bull spreading and hot western ethanol bidding. Funds also purchased 3,000 lots today. In the Chicago Soft-Wheat, it was the same story different day scenario as  world weather is improving, charts signaled all market-players to sell, and funds dropped 2,000 lots on the day. A significant chance of rain and thunderstorms is forecasted for Missouri late Sunday evening into Monday, which will delay some beans planting here locally. However, having missed all the rain that was predicted   for the week, local Corn planting will be nearing the 80% mark by the end of the weekend and should help to ease producer planting/production concerns. Here at Ray-Carroll we have seen renewed old/new crop selling interest from local farmers and we hope for that pattern to continue as we near summertime. Calls for this weekend’s market open are steady to slightly higher. Have a great weekend!

-Sam Rathmann