May 6th, 2015
Grain Marketing Specialist
Grains are slightly higher on weaker dollar and crude gains.
Corn: 1 higher
Corn getting a boost from yesterday’s higher close. Rains are falling throughout the Corn Belt. Ethanol production numbers will be out today. Will there be a rise in production with recent favorable ethanol margins? Resistance is at $3.65 futures for July and $3.81 futures for Dec.
Soybeans: 1 lower
Purchases of bean oil are helping keep interest in soybeans this morning. Concerns about a strike in crushing plants in Argentina, which could affect the ports, are also helping lift the commodity higher. Resistance is at $9.89 July futures and $9.85 Nov futures.
Wheat: 4 higher
Wheat is higher this morning after making new contract lows yesterday. The wheat tour, in Kansas, has show disappointing yield predictions in the northern part of the state. Russia and Ukraine continue to benefit from timely moisture.