October 20, 2014
Matt Erickson
Grain Marketing Specialist

Crop/Harvest progress report out this afternoon

CORN – Down 6
Last week’s strong futures rally pushed the December corn contract to a new recent high of $3.5825. Favorable weather forecasts took us back down off our highs but we still look to the $3.5825 mark for nearby resistance. Nearby support looks to be at @3.34 Z14 while major support points to the current contract low of $3.1825. Weekly export sales were good on Friday coming in at 1.9mmt. The crop progress report tonight should show a decent increase on the domestic corn harvest from the 24% complete estimate given last Tuesday. 

SOYBEANS – Down 14
Export sales for beans on Friday were 935tmt, 196tmt for soymeal and 46tmt for soyoil. South America remains dry but parts of Brazil do look for adequate moisture in the extended forecast. Soybean harvest is all but wrapped up in many areas of South Dakota. Nationally, we still have some progress to be had. Last week harvest progress was estimated around 40% complete, this week we should see a pretty decent jump in that number. The extended forecast looks great in the eastern Corn Belt where areas of low harvest completion will look to make significant progress this week. Major support for beans right now is at the contract low of $9.04 with resistance at $9.86.

WHEAT – Kansas City Down 3, Minneapolis Down 4
Wheat continues its rally from early October, now up 31 cents on the Minneapolis December contact. Export sales were in line with expectations, coming in at 454tmt. Technicals show resistance 15-25 cents above Friday’s close in both Minneapolis and Kansas City December contracts. These values may be attainable with the size of the current spec short.