June 8, 2015
Grain Marketing Specialist
USDA weekly crop progress report to be released this afternoon
CORN- Up 2
Local markets saw a good flat price rally last week as corn gets back around $3.30 cash in the ethanol markets. Much of the movement on the board last week was due to a weaker dollar as the Greece debt situation was rumored to be close to being resolved. The dollar bounced back up on Friday with a strong jobs report, which pulled corn back down around the 20 day moving average. Nearby resistance for July corn can be found at $3.7125 with support found at $3.4825. Below is a look at the day chart for July corn.
SOYBEANS- Up 6
Beans gained just shy of 4 cents last week as we had our second positive gains week in a row for the July contract. Bean export sales were disappointing as the market pushed down later in the week. Bean planting pace is expected to be around 81% complete in tonight’s planting progress report. Early reports seem to indicate that most acres intended to go to beans will get planted by the insurance date. Nearby resistance for July beans can be found at $9.52 with support found at $9.205.
WHEAT- Minneapolis Up 4, Kansas City Up 4
Minneapolis and Kansas City July futures both finished up around 40 cents on the week from continued concerns on quality and production issues coupled with a weaker dollar. HRW proteins in general look a little lower than last year as harvest starts to ramp up in the South. HRW areas had favorable weather this past weekend to help dry out their fields while Russia and Canada received some much needed rain. Nearby resistance for Minneapolis July futures is found at $5.88 with support at $5.58. Kansas City July futures look for resistance at $5.5375 with support found at $5.24.