September 29, 2015
Grain Marketing Specialist
USDA quarterly stocks report out tomorrow @11:00AM
CORN- Up 1
Corn bounced off the 10 day moving average on Monday at $3.8350. Corn seems to be range bound currently from $3.60 to $3.95 with the equilibrium point around $3.75 Z15. Crop progress was out Monday night and showed corn conditions unchanged at 18% G/E. Harvest progress was seen at 18% complete this week with the 5 year average at 23% complete. South Dakota harvest was pegged at 7% complete versus 2% complete at this point last year. Nearby support for December corn can be found at $3.75 with resistance found at $3.95.
SOYBEANS- Up 3
Soybean crop conditions dropped one point this week to 62% G/E. Nationwide harvest progress is seen at 21% complete, which is 12% further along than last year. South Dakota harvest is seen at 23% complete, which is slightly ahead of the 5 year average. Weekly export inspections were disappointing this week as we shipped 19.5 mln bushels versus the 34.5 mln bushels needed weekly to reach the USDA forecast. USDA announced sales of 1.0mmt of 16/17 beans to China as well as 249 tmt to unknown for the 15/16 marketing year. Nearby support for November futures can be found at $8.58 with resistance at $8.92. Below is a look at the day chart for November 15 beans…
WHEAT- Minneapolis Down 2, Kansas City Down 2
The USDA estimated winter wheat planting progress at 31% complete this week and emergence at 7% versus 13% last year. Dryness in Russia and Ukraine continues to be a threat but precipitation is expected in many of the dry areas over the next week. Weekly export inspections were good at 23.9 mln bushels as we try to trim down domestic supplies. Nearby support for Minneapolis futures can be found at $5.135 with resistance found at $5.2975 on the December contract. Nearby support for Kansas City futures can be found at $4.895 with nearby resistance at $5.1525 on the December contract.