June 9, 2015
Grain Marketing Specialist
USDA WASDE report tomorrow, June 10th….contact nearest Grain Marketing Specialist to have targets working
CORN- Down 2
Corn opened strong Monday as the dollar was sharply lower off of the weekend. Export inspections were less than trade expectations at 29.2 mln bushels, off nearly 10 mln bushels from last week. The USDA’s crop progress report was released last night and showed the national corn rating unchanged at 74% G/E. South Dakota’s corn rating was shown at 69% G/E, a 1% improvement from last week. The national corn crop was estimated at 91% emerged in Monday’s’ report, which is in line for this time of year. Nearby resistance for July corn is seen at $3.6725 with support found at $3.4825.
SOYBEANS- Up 1
Soybeans had a strong start to the week fueled by a weaker dollar and a decent export inspection number just shy of 8 mln bushels. We got our first rating of the national bean crop on Monday night where they estimated the condition at 69% G/E. At this point last year the bean crop was rated at 74%. The soybean crop was seen at 79% planted, which is slightly behind the average for this time of year. South Dakota’s bean rating was estimated at 69% G/E with 68% of the crop emerged. Nearby support for July futures can be found at $9.205 with resistance found at $9.52. Below is a day chart for July beans.
WHEAT- Minneapolis Down 3, Kansas City Down 2
Wheat exports on Monday were 11 mln bushels, which was a couple million bushels less than the week before. Winter wheat good to excellent ratings came in at 43%, which is down 1% from last week. Spring wheat conditions for the week came in at 69% G/E, which was off 2 % from last week. 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