September 18, 2015
Grain Marketing Specialist
The Federal Reserve left interest rates unchanged citing the recent global economic and financial developments as the reason.
Corn: Down 1
Harvest picks up in the ECB and yields don’t seem as bad as first thought, but it’s still early. Weekly export sales were disappointing at 533 tmt which fell within the range of 400-600 tmt. Funds sold 8000 contracts yesterday. The 30 and 90 day maps that were issued yesterday by the NWS are beneficial for a quickening harvest (see maps below).
Soybeans: Down 2
Export sales were just over the low end of trade expectations with 912 tmt sold for the prior week. Of the 912 tmt, 458 tmt were credited to China. China is expected to sign a promise to buy US beans next week. SX support is at 8.79 ½, its 10 day MA.
Wheat: MW Up 1; KC Up 1
Weekly export sales were poor at 377.5 tmt. Weather did improve for US winter wheat planting as the 30 and 90 day maps show normal to cool temperatures and wetter than normal rainfall/snowfall through December. Canadian wheat harvest is approaching 70% complete. US SRW year-to-date export sales are 73 mbu, down 16% vs last year and 23% below the 5 year avg.