"Your opponent, in the end, is never really the player on the other side of the net, or the swimmer in the next lane, or the team on the other side of the field, or even the bar you must high-jump. Your opponent is yourself, your negative internal voices, your level of determination."
Overnight the markets traded mixed with beans opening steady to a little better and then both corn and soybeans sold off. Soybeans futures rallied back this morning but corn is still weaker. Currently corn is trading 2-4 lower, soybeans 1-2 higher, and wheat down 1-2. The outside markets are mixed this morning with crude oil trading higher, gold mixed, and the dollar higher.
IN OTHER NEWS:
Wednesday, June 19th, 2013
Oil World yest suggested that the US will import up to 100,000 MT of beans in June with imports of 150,000 MT in July. Of the total, 30,000 MT will be sourced from Brazil in June with 30,000 MT out of Paraguay in June.
Mexico yest cut their 2013 corn production est to 20 mmt, down from 22.45 mmt in April. Production was 21.35 mmt in 2012.
India’s cabinet said they will meet on Friday to consider allowing an extra 2 mmt of wheat exports according to their food minister. They will consider 8.5 mmt of wheat sales to local bulk buyers and will also consider 1.5 mmt in wheat sales to states and cooperative bodies.
The Porcine Epidemic Diarrhea Virus has now spread to 13 states. After being found in IA and MN nearly 4 weeks ago, more than 100 positive cases have been found. The virus has not tended to kill older pigs but mortality rates among very young pigs is around 50% and can be as high as 100%. The virus was found in North America for the first time. It was discovered in China in 2010 and killed more than 1 mil piglets.
USDA Attache forecasted China’s 13/14 soybean production at 12 mmt on 6.8 mil hectares, unchanged from their previous reports. They cited late planting conditions prevented switching of soybean acreage to corn which slowed a decline in soybean acreage. They see 12/13 soybean imports at 59.5 mmt, down 3.5 mmt from their prior estimate and compared to the USDA’s 59 mmt estimate. They see 13/14 soybean imports at 67.5 mmt vs USDA’s 69 mmt est in June.
China’s CNGOIC said they see China soybean imports at 6.9 mmt in June and 6 mmt in July, up from May’s 5.1 mmt.
Jordan bought 100,000 MT of opt origin wheat in an international tender. 50,000 MT was bought at $296.50/ton C&F from Ameropa for FH Oct, 50,000 MT was bought at $296.35/ton C&F from Dreyfus for LH Sept.
Egypt’s GASC said they will not change their currency or shipment terms for any new wheat tenders. This counter to speculation that they would be forced to move away from dollar denomination and make new shipping arrangements. Egypt has seen their hard currency reserves diminish since the overthrow of Hosni Mubarak.
India’s PEC received a highest bid of $300/ton in their export tender for 90,000 MT of wheat exports.
S Korea’s MFG tendered and purchased 60,000 MT of South American soybean meal at $532.50/ton C&F for Oct shipment.
USDA reported a sale of 240,000 MT of soybeans to China for 2013/14 yest
Weekly EIA ethanol data is out at 9:30 am CDT this morning
Informa will update acreage estimates today mid-morning
HAVE A PREMIER DAY The information contained in this report is believed to be reliable but is not guaranteed to accuracy or completeness by Premier Cooperative, Inc. This report is provided for information purposes only and is not furnished for the purpose of, nor intended to be relied upon for specific trading in commodities here in.
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