December 9, 2014
Grain Marketing Specialist
USDA WASDE report tomorrow morning
CORN – Down 1
March corn futures were up as high as $3.9975 on Monday prior to the disappointing weekly export inspections report. Corn managed to finish 10 cents off its highs from report release time at 10AM into the close for the day. A new sale was announced on Monday of 136tmt to Japan. Average trade estimates for Wednesday’s USDA report show corn ending stocks anywhere from 2.156 bln to 1.905 bln bushels. December 15 futures managed to break through $4.25 yesterday, will we reach this level again today?? Nearby support for March futures can be found at $3.84 with resistance showing up at $4.01.
SOYBEANS – Up 2
Beans were all over the board yesterday, ranging anywhere from down 6 to up 14 on the day for January futures. Bean export inspections were above average trade guesses once again at 81 mln bushels. According to reports China imported 6.03 MMT of soybeans in November, which is a 47.1% increase from October. A new sale was reported on Monday of 130tmt to Spain. Average trade estimates for Wednesday’s USDA report for soybean ending stocks range from 400 mln to 455 mln bushels. Below is a look at the November 15 day chart for beans, notice the resistance showing up at our most recent high of $10.26 SX15.
WHEAT – Kansas City Down 6, Minneapolis Down 6
In spring wheat Minneapolis March futures are now up 74 cents from the first of October while winter wheat Kansas City March futures are up 78 cents. Average trade guesses for Wednesday’s report look for wheat ending stocks somewhere around 654 mln bushels. Export inspections were below average trade guesses at 9.9 mln bushels. HRW areas across the southern U.S. are forecasting rain in the 7 day forecast. Minneapolis March futures look for resistance at $6.43 while Kansas City March futures look for resistance at $6.66.