Oct 15th 2014
Grain Marketing Specialist
Better Harvest Weather Ahead….
Corn: As of 7:45- 3 lower
Technical buying and harvest delays helped spur the corn rally yesterday. USDA confirming that idea with progress out at 24% complete vs. 5 yr ave. of 43%. Export inspections at 36.8 mbu. Talk of harvest lows being in but let’s see what happens when we pick up the pace as weather looks to be more conducive to harvest next week. Technically all of my indicators are bullish as we did run into my first level of resistance of 3.57 yesterday with the next objective of 3.81. Support at 3.18.
Soybeans: As of 7:45- 3 lower
As in corn the soybean rally looks to be mainly due to technical’s and slow harvest pace in the east, as for us in the WCB, we look to be the exception as harvest marches on in this neck of the woods. Export inspections at 52.5 mbu. Technically soybeans filled the gap left on Sep 22nd at 9.56 yesterday as all my indicators are bullish. I have resistance at 9.84 and support at 9.02.
Wheat: As of 7:45- 3 lower
Wheat looked to be a follower of row crops yesterday as this market looks to be content to be range bound for the time being. Export inspections at 15.6 mbu down from last week of 25.3. Winter wheat planting pace at 68% vs. ave. of 67% but there is concern about SRW being behind as weather continues to be a factor, next week looks better…