April 9, 2015
Grain Marketing Specialist
April S & D report today @ 11am
Federal Reserve continues with plans for an interest rate increase this June, on supportive economic data for first quarter.
Corn: Steady in front of report
With weakness in the other grains atop of other strong day for the dollar and a lack luster day in crude put pressure on corn yesterday for all of the trading session. We traded pretty steady on the overnight with a .02 trading range. The market awaits the April S&D report at 11. Average guess for corn is around 1.857 BB. Support lies around 3.72 ½ with resistance at 3.82, on the May contract, but we will see what the report say. Support levels for December corn is around 4.02 ½ and 3.93 3/4 . Weekly Ethanol production rate decreased 16k to 936k barrels/day. Stocks remain flat around 20.5mb.
Soybeans: 2-5 Lower
With solid harvest progress along with a record crop, continued to pressure the bean complex yesterday. That spilled over into the overnight session as trader await the report this morning. Estimates are around 369mb. May beans has support around the 9.50ish mark. Nov beans flirted with resistance point of 9.65 ¼ yesterday before settling a nickel below that.
Wheat: 2-5 Lower
With an abundance of world wheat and beneficial rains in some crucial HRW growing areas drove the wheat market lower yesterday. On top of that the strong dollar and weaker corn market didn’t help the cause. This spilled over in the overnight session as well getting ready for the report this morning. Estimates are around 694 mb. 5-7 day maps show chances of rain thru KS and OK. Some lighter chances in the Dakotas and CO.
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