October 21, 2014
Grain Marketing Specialist
CORN – Unchanged
Corn futures rallied off a weak opening Sunday night to finish yesterday’s trading session even for the day. The weekly crop progress report had the corn crop at 31% harvested, this is a 7% increase over last week and 22% behind the 5 year average. South Dakota was estimated as 19% done with corn harvest, a 7% increase from last Tuesday. The extended forecast looks dry and warm over much of the Midwest, which should push harvest along at a swift pace this week. Nearby support for December futures still remain at $3.34 with resistance showing up at $3.5825.
SOYBEANS – Up 5
National soybean harvest progress was estimated at 53% complete this week, a 13% jump from last week. South Dakota made significant harvest progress this week jumping 22 percentage points to 88% complete. Interesting to note that Ohio, Indiana and Illinois are all estimated at around 35% complete with bean harvest, all well behind their respected 5 year averages. Nearby support is at $9.04SX14 with resistance showing at $9.86 SX14. Below is a snapshot of harvest progress across the U.S.
WHEAT – Kansas City Up 1, Minneapolis Up 2
Winter wheat planting continues to make good pace, now estimated at 76% complete nationally. This is right in line with the 5 year average. South Dakota was seen at 94% complete with winter wheat planting. Weekly export inspections were reported at 17.7 mln bushels versus 16.75 mln bushels the week prior.