October 14, 2014
Grain Marketing Specialist.
A little of both sides on the overnight as corn flirted with a technical resistance of 3.49 as weather is still holding up harvest progress in the east. Progress report will be released today along with export inspections due to the Monday holiday. Should be in the 25% range versus a 41% 5 year average. Dr. Cordonieer has this year’s crop pegged at 175bba and production at 14.49bb.
Mostly firm overnight as delays are still plague the east but models show should be clearing out in next 10 days. On the other hand there is talk of some dryness in Brazil. They are 7% planted. Progress reported today should show we are around 33% done vs a 55% average. Nov beans did get about 9.55 resistance next up is 9.85… Dr. Cordonieer bean yield pegged at 47.5bpa and 3.96bb.
Wheat: 1-5 Lower
Wheat traded on both sides on the overnight as it just cannot find support like beans and wheat as news has been limited. As with corn and bean harvest there has been delays with SRW seeding in the east but HRW has been getting in the ground.