Soybeans broke through key support yesterday opening the door to further losses in the days to come.
Grains are unchanged in the overnight session, with corn down a quarter cent, soybeans up a penny, and wheat up half a penny.
Export sales were slightly weaker than analyst expectations for wheat this morning with only 338,700 metric tons sold compared to the 450,000 to 650,000 MT expected. Wheat sales were down 43 percent from the previous week. Corn sales were also light on the old crop with only 117,100 metric tons sold but performed well for new crop, booking 787,800 metric tons for delivery in 14/15. Soybean sales continue to be positive, with 61,400 metric tons in the old crop and 1,050,000 metric tons in the new crop. Old crop soybean sales continue to show strength, posting positive sales without cancelations. Soymeal, however, did post net reductions of 31,700 metric tons of old crop, which was a marketing year low.
November soybean futures traded lower in the overnight session before rebounding into the morning trade break.Yesterday marked an important technical move for the contract as prices closed below $10.55 for the first time. This was a price level that acted as support on both July 22nd and August 4th, and bearish signal opens the door to another move lower. Considering the 15 million bushel surprise on Tuesday, it is our opinion that undersold producers should put on some downside protection on any bounce we can find.
Looking at the weather forecast, the western Corn Belt remains the area of concern. Friday into Saturday there is a good chance to see between 0.5 and 2.0 inches of rain across South Dakota, Nebraska, and Iowa. The 6-10 day forecast projects above average precipitation for the grain belt and slightly above average temperatures for the central and eastern grain belt.
Today we discuss corn export sales, ethanol production, and soybean technicals on GrainTV. If you haven't taken a look at our mobile trading platform now is the time! Visit us at GrainHedge.com to take your demo and get live quotes on your mobile device.
August 13, 2014
| Tech Talk
| Bob Lowe | Views: 1513
Think your multiple automation systems are out of control? Here's your answer!
A control system integrator is a company that designs and implements sophisticated control systems for manufacturing, process and other industrial facilities. Using their knowledge of engineering, information technology and business, system integrators integrate plant equipment to automate manufacturing and processes from the plant floor to the enterprise level. Automation helps manufacturers and processors reduce costs, increase production, use less energy and lower environmental impact.
Control System Integrators are responsible for designing, programing, testing, commissioning and servicing electrical and electronic systems in industrial applications. They integrate hardware, software and equipment from multiple suppliers into fully functional systems for optimum plant control, automation and information.
How do I find a Control System Integrator?
The Control System Integrators Association’s (CSIA) Industrial Automation Exchange is the best resource to find an integrator. You can tailor a search to your industry, application and products to help find the answers to your industrial automation and information needs.
Look for an integrator that is CSIA Certified. CSIA certification is the gold-seal mark of a professionally managed system integration business. Certification reassures clients that the control system integrator is an established, successful professional services firm that wants to develop a prosperous, long-term partnership with clients.
CSIA Certification is similar to ISO, but there are important differences. ISO certification offers quality management to make sure operations are consistent for your business. CSIA delivers that same consistency, but expands the concept to include business management, financial management, human resources, project management capabilities and more. Audit criteria for achieving CSIA Certification derive from CSIA’s Best Practices and Benchmarks Manual.
Founded in 1994, CSIA is a not-for-profit, global trade association for system integration companies. CSIA has more than 400 member firms in 27 countries. It seeks to enable industries everywhere to have access to low-risk, safe and successful applications of automation technology by advancing the business practices of the system integration industry. CSIA helps its members improve their business skills, provides a forum to share industry expertise, and promotes best practices for business management.
Bob Lowe is executive director of the Control System Integrators Association (CSIA), a global non-profit professional association that seeks to advance the industry of control system integration for the success of members and their clients. Prior to taking over his leadership role with CSIA in 2009, Bob spent 19 years in plant automation in the metals industry. He helped establish a control systems integration company, where he was president and technical staff manager. A founding member of CSIA, Bob served on the Best Practices committee, was instrumental in designing the CSIA Certification audit and wrote articles on audit preparation.
Two major USDA reports will be released at 11 AM CST. Here is what you need to know.
Grains are sliding lower into this morning’s USDA report. Corn is down 2, soybeans off 4 and Chicago wheat is down 6 cents. Today’s USDA report will be released at 11:00 AM central time.
This morning’s USDA report will be the first survey based yield estimate of the year. Yield figures will be the focus of the report following a July that saw ample moisture in the eastern grain belt but a return of drought conditions in Nebraska and the Dakotas. Below are trade expectations for the report and our take on the numbers.
Ending Stocks (MB)
Ending Stocks (MB)
Crop conditions were released yesterday at 3 PM CST and showed that the soybean good-to-excellent rating had slipped by one percent to 70%. The expectation for both corn and soybeans was to leave conditions unchanged. Corn’s good-to-excellent rating met those expectations by maintaining 73% of the crop rated good-to-excellent. Spring wheat conditions were also left unchanged at 70% good-to-excellent. Spring wheat harvest has officially kicked off with 6% of the crop harvested about on pace with the five year average.
China sold 23% of soybeans offered a state auction overnight. In total, 82,489 tonnes were sold compared to 69,243 in last week’s sale. This was a good signal for mainland Chinese demand, although it is important to note that most of the sales went to food companies who use non-GMO varieties exlusivle. Because of this, Chinese imports should not show a major impact from recent state auctions.
Please call our office if you have questions about speculative or hedge positions coming into the report. Our number is 877-472-4607and we are available between 8AM and 5PM central time.
Today we discuss the August soybean contract and market expectations coming into tomorrow's USDA report at 11:00 AM central time. Want live mobile quotes for tomorrow's report? Visit us at GrainHedge.com and take a demo this evening and have live quotes fo
Logan and Cody discuss what was moving soybeans in today's trade as well as the expectations for the two major USDA reports scheduled to be released on Tuesday. Cody discusses spot basis changes throughout the country this week and compares this years ne
Grain markets found heightened volatility this week with corn futures posting gains while soybeans traded lower. In the cash market, basis for both corn and soybeans were unchanged on average across the country this week, but that masks a fair amount of movement by end users and exporters....
Grains fell sharply in the overnight session with wheat leading the slide lower on a 19-cent decline. This follows yesterday’s 24-cent fall from its high on the March contract of 6.77. For corn, prices were off 6 cents in the night trade while beans fell 7 cents.
In the overnight session the grains are trading sharply higher with corn up 5 ¼ cents, soybeans up 7 ¼ cents and wheat up 15 ½ cents this morning. This morning we saw large single day reportable sales of 126,000 metric tons of corn to unknown destinations, 1.5 million metric tons of...
In the overnight session corn, soybean and wheat are all trading higher. Corn improved 3 ¼ cents, soybeans is up 3 ½ cents and wheat is trading 13 ½ cents higher this morning. The wheat market is continuing focus on the developments in Russia as yesterday’s announcement that the Veterinary...