Grain Marketing Specialist
Corn: As of 7:45- 3 lower
Light day yesterday as we continue to inch lower on favorable weather and planting progress. Planting progress estimated at 75% complete which was on the low end of expectation but still 20% of progress on the week and well above the 5 yr ave. of 57%. Export inspections a solid 1.136 mmt. At 11 pm cst USDA will release S&D data, this will likely be the focus for the day. Average trade estimate for 14/15 carryout is 1.864 and for 15/16 is 1.752. Technically I look for support at 3.56 and resistance at 3.70.
Soybeans: As of 7:45- 2 lower
Like corn the USDA report will be the focus today. Average trade estimate for 14/15 carryout is at 360mb and 443 for 15/16. Planting progress pegged at 31% complete vs. 5 yr ave. of 20%. Export inspections yesterday at 263 TMT with an ave of only 168 weekly to meet USDA estimates. Technically we continue to wonder around in no man’s land as we wait for USDA data.
Wheat: As of 7:45- steady to 2 lower
Export inspections yesterday at 378 TMT within expectations but well short of the 700 needed to meet USDA estimates with only 4 weeks left in the marketing yr. This has led many to believe that USDA may post a lower export number in today’s balance sheet. Average trade estimate for 14/15 carryout is 693 and 750 for 15/16. Planting progress for spring wheat yesterday estimated at 87% complete with 54% emerged. Winter wheat conditions increased 1 % to 44% g/e with 56% headed.