September 22 2015
Grain Marketing Specialist
Corn: 1-5 Lower
Lower on the overnight, as good harvest weather across most of the Corn Belt. Despite the increased harvest activity, corn followed wheat and beans higher yesterday. Dec did have a good finish for the day, as the 50 and 100 MA comes together as 3.88 may be a good target. So far yields have been mixed, so could see a smaller number than what USDA thought? Support seems to be strong around 3.82 and resistance at 3.87. Mexico continues to be a big buyer of US corn as they bought another 19mb. Export inspections were a little behind for the week at 29mb vs the 35.8 needed. Progress report yesterday said we are 10% harvested vs 7% LY, while G/E ratings were unchanged at 68% nationwide. SD can in at 77% ND at 69% MN again lead the way at 88%.
Soybeans: 5-8 Lower
Beans traded lower on the overnight as well. Like corn weather is playing a part but also we are not getting much support from outside markets as some profit taking seems to be taking place. Soy complex was all higher yesterday, following the down overnight session. This was spurred by decent exports and the hopes the Chinese sign a “letter of intent” for some beans. Harvest is about to break loss in most area if not already. Early chatter on yields is that they could be higher than projected. Export inspections came in around 29mb, a pickup from previous weeks but still behind 35.8mb needed. There was a sale for around 9mb to an unknown source. Nov support seems to be around 8.53 and resistance at 8.77. Crop progress yesterday is around 7% harvested and 63% G/E up 2 from last week SD at 77% up 1%. Some predicting harvest yield around 46bpa.
Wheat: 3-5 Lower
With no market driving news, wheat was steady to lower on the overnight session. Wheat did lead the way yesterday as they bounced off the overnight lows. The market sees farmers move their focus to fall crop harvest and slow farmer movement. Parts of CO, KS and Ok can use a rain, it’s almost to dry to stick seed in the ground, but MT is going strong.