Grain Marketing Specialist
corrected spring wheat chart
Corn: As of 7:45- 2 lower
This is a market in need of some new fundamental news as we continue to drift lower. This may continue to be the case until the release of the USDA prospective plantings and quarterly stock report on the 31st. Weekly inspections came in a little light yesterday at 735.3tmt. Technically all three of my indicators are bearish with support at 3.73 ¾. If this market rebounds look for 3.90 and 3.95 as possible upside objectives.
Soybeans: As of 7:45- 3 lower
Both NOPA crush at 146.96 and export inspections of 583.9tmt came out yesterday in line with expectations. The dollar did take a break from its methodical march higher yesterday but didn’t seem to matter much as soybeans still closed in the red. In SA we seem to have moved past trucker strikes and with the Real sharply lower farmers are active sellers. Technically all three of my indicators are bearish with first support at 9.61 ¾. Awaiting USDA data…..
Wheat: As of 7:45- unchanged
Concerns over warmer weather and lack of moisture seem to have wheat bucking lower trade of row crops. Export inspections at 519.6 tmt which was in line with expectations. There appears to some spotty moisture in the forecast for southern HRW areas but the 6-10 day looks to be below normal precipitation and above normal temps. Technically all three of my indicators are currently bullish and I have attached a Sep Minneapolis wheat chart for those looking to plant spring wheat and are in need of upside objectives.