June 25, 2015
Grain Marketing Specialist
Next Tuesday is the USDA Quarterly stocks and acreage report, make sure to get your targets in place!
CORN- Up 2
Corn is now up 14 cents on the week after the corn condition rating dropped 2% to 71% G/E nationally on Monday. The eastern Corn Belt is forecasting above average rain and below average temperatures over the next few days. What will the condition rating look like next week with more rain?? Ethanol production reported Wednesday was good at 994k barrels with stocks decreasing 878k barrels from last week. Weekly export sales are expected to be in the 20 mln bushel range in this morning’s report. Resistance on the July contract looks to be found at $3.71 with support found at $3.505.
SOYBEANS- Up 8
Beans pulled back for the first day this week on Wednesday as the trade is still trying to figure out how many bean acres are going to get planted over the next couple weeks. The nation was estimated at 90% planted in Monday’s report, with Missouri and Kansas still lagging their 5 year averages. The national bean rating is currently seen at 65% G/E. Nearby resistance for July beans can be found at $9.96 with support found at $9.7425 along the 100 day moving average. Below is a look at the day chart for July 15 beans.
WHEAT- Minneapolis Up 1, Kansas City Up 1
Wheat futures remain volatile as winter wheat harvest is only 19% complete, which is 12% behind the 5 year average. Winter wheat conditions also dropped this week to 41% G/E as spring wheat conditions improved a percent to 71% G/E. Weekly export sales released this morning are expected to be around 10 mln bushels. Nearby resistance for Minneapolis July futures can be found at $5.7575 with support at $5.3925 while Kansas City July futures has resistance at $5.36 and support at $4.9625.