September 25 2015
Grain Marketing Specialist
With pressure from the lower wheat market and harvest activity going on in the Eastern corn belt, was down yesterday and unable to trade beyond the 10 and 50 day MA of 3.84 1/4 Which also seems to be a resistance point. On the overnight, corn gained some support from the beans, but only saw a small trading window but did trade 2 higher. On the 5 day maps, show little to no chance of precip for most in the Midwest so the combines can get a good run. But there were some light showers with some heavier precip in some areas. Brazil has a record line up for exports for corn, now stands at 6.4mil ton.
Soybeans: 5-10 Better
With support from new export demand, the market had a decent close yesterday, but didn’t react much to the headline of the day that China will buy over 13 mil tones of US beans over the next 2 years. The overnight session seemed to rally off that news and was up 9 1/4 by the close. The Brazilian Real continued its slide yesterday, but by the end it had a quick rebound. Vessels waiting in line in Brazil are said to be around 3.3mil tons.
Wheat: 3-5 Better
Wheat markets were under pressure all day from the start, after ICG numbers raised its estimate for global wheat in 2015/16 to 211mil tones, up 5mil. On the overnight, wheat was a follower of both corn and beans. Still chatter about how dry it is in Russia and parts of the Ukraine and also Australia.