February 19, 2015
Matt Erickson
Grain Marketing Specialist

Insurance update for NC 2015… through the first half of the month corn’s average close is $4.15 while beans average close is at $9.63.

CORN- Down 1
Corn pushed back to the lower end of the trading range on Wednesday as we approach nearby support of $3.81 March futures. Resistance still looks to be at $3.91 CH15 where we were reached up to on Tuesday. Outside markets of the dollar sharply higher and oil down nearly $1.50 kept pressure on corn futures Wednesday. The funds were net sellers of 6,000 contracts on Wednesday, working their long position down to an estimated 62,000 contracts. New crop 15 corn futures seem to have found a short term range between $4.21 CZ15 and $4.11 CZ15 as seen below…

SOYBEANS- Up 5
Beans erased nearly all the gains from early in the week with pressure from outside markets. The USDA Ag Outlook forum will be held this Thursday and Friday where they will look at acreage estimates and long term demand, keep an eye out for China estimates during Thursday and Friday’s trading sessions. Funds were sellers of 5,500 contracts Wednesday as they add to their 64,000 contract short position. Northern parts of Brazil are experiencing harvest delays with sporadic rains falling this week. 

WHEAT- Minneapolis Down 1, Kansas City Down 2
Export sales will be delayed until Friday with the short week due to the Presidents day holiday. Egypt’s GASC cancelled tender to buy U.S. origin wheat due to high prices, reports claimed Wednesday. The funds sold 3,000 contracts in yesterday’s trading session, adding to their 49,300 contract short position. Minneapolis March futures looks to have found some nearby resistance at $6.00 while Kansas City March futures finds resistance at $5.82.