Grain Marketing Specialist
Corn: As of 7:45- 1 lower
The corn market seen a bounce yesterday mainly on spillover strength from the wheat complex. Export inspections, yet again a disappointing 413,304 tonnes which was on the low end of expectations. Harvest progress in line at 75% complete. Slightly lower this morning as the short covering in wheat seemed to have slowed. Look for resistance at 3.87 and 3.94 with support at 3.72.
Soybeans: As of 7:45- 6 higher
Solid export inspections of 2,671,934 tonnes and the announcement of a 120,000MT sale to China wasn’t enough to turn this thing around. SA weather seemed to garnish the focus as many areas either have received beneficial rain or is forecasted to do so. Harvest progress estimated at 87%. This morning we look to be a little firmer after yesterday’s weakness.
Wheat: As of 7:45- 3 lower
Disappointing moisture in HRW growing areas along with dryness in Ukraine threatening the crop size there was the catalyst for short covering in the wheat complex yesterday. Large fund short positions make this market susceptible to volatile move like yesterday. Export inspections at 317,079 tonnes which was at the low end of expectations and winter wheat planting at 83% complete. Things appear to have calmed for the morning.