August 6, 2015
Grain Marketing Specialist
Weekly export sales released this morning
CORN- Up 1
The market continues to look technically oversold as we finished up on Wednesday. Informa kept their yield estimate unchanged at 165.4 bpa, some private estimates range down to 159bpa. Weekly ethanol production was down 4k barrels from last week as stocks were down 409k barrels with stronger blender demand. Export sales estimates for this morning’s report are 250-450tmt of old crop and 300-500tmt of new crop. Nearby support for September corn can be found at $3.65 and at $3.745 on the December contract. Below is a look at the day chart for December corn…
SOYBEANS- Down 2
Beans have now bounced 25 cents off the recent low as we are up 11 cents on the week. Informa updated their yield estimate to 45.4 bpa. Export sales estimates for this morning’s sales report are 0-200 tmt of old crop and 350-750 tmt of new crop. The 6-10 day forecast models show warmer and drier conditions over the Eastern corn belt but the Western corn belt is expected to have rains over the next couple days. FSA data will be released on August 17th with an updated look at acreage data, how many acres were planted?? Nearby support for November futures can be found at $9.2625.
WHEAT- Minneapolis Up 4, Kansas City Up 4
Nearby wheat futures try to find consolidation as we didn’t make new contract lows for the first time this week on Wednesday. Egypt’s GASC bought 120tmt from Russia, which was no big surprise in the market place. Weekly export sales estimate for this morning’s report are 400-600tmt. North Dakota harvest continues to ramp up with good yields being reported with proteins in the 13-14 range.