October 16, 2015
Grain Marketing Specialist
Export sales will be released this morning
CORN- Down 1
Corn continues to hover around the $3.75 December equilibrium point where we have been trading a range from $3.60-$4.00 for over a month. Export sales to be released this morning are expected to be between 18-26 mln bushels. Ethanol production released on Thursday showed production down 1,000bbls/day and ethanol stocks up slightly from last week. The export picture continues to look less than ideal heading into the last few months of the year. Nearby support for December futures can be found at $3.60 with resistance at $3.9975. Below is a look at the day chart for December corn….
SOYBEANS- Down 1
Soybeans had a weak close on Thursday after a strong couple days in the market. The market is now settling between the 50 day moving average of $8.925 and the 100 day moving average of $9.26 November 15 futures. Export sales released this morning are expected to be between 37 and 55 mln bushels. NOPA crush was a little disappointing on Thursday but above last year at this time. Nearby support for November 15 futures is at $8.925 with nearby resistance found at $9.1975.
WHEAT- Minneapolis Up 4, Kansas City Up 4
The domestic wheat export picture continues to look poor as Egypt’s GASC bought 180tmt of Russia wheat and 60tmt of Romanian wheat. Funds were an estimated net seller of 3500 contracts on Thursday. Technically, Minneapolis futures are showing support at $5.175 and resistance at $5.44. Kansas City futures are showing support at $4.895 and resistance at $5.21.