November 16 2015
Grain Marketing Specialist
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Light overnight trade as both Dec and March were up slightly. We are seeing some support around 3.56. Japans economy shrank in the 3rd quarter. Informa cut their 2016 corn acres to 90.1 from 90.8. But it is still 1.7 million acres above USDA. PP acres as reported by FSA are up to 2.366 which is increased from October’s number of 2.362.
Soybeans: 2-3 Lower
We were weaker on the overnight markets as we slipped 2 lower on Jan and March contracts. Support is around 8.50. Brazil is around 60% planted. Informa raised 2016 bean acres to an estimated 85.3 million up from 83.9 million. PP acres were reported to be 2.362 up from 2.231 million acres. NOPA crush report for October was out at 161.002 million bushels which would be a record for October.
Wheat: 2-5 lower
Wheat market remains in a bearish tone, as all classes were down on the overnight. Russia and the Ukraine remains dry and Russia is about 95% done with planting. Ukraine is pegged around 89%. Wheat acres for 2016 by Informa are around 38.7 million down from 39.5 in 2015.