November 18 2015
Grain Marketing Specialist
Contact your Grain Marketing Specialist about the Winter Market Base Builder program today. Deadline to Sign up is December 11.
Corn: 1-2 Better
We were mostly firmer on the overnight session as we continue yesterday’s strength in the corn market. Many have the mindset are we oversold now…Resistance is pegged at the 10 MA of 3.64 ¼. Ethanol futures traded lower on spillover weakness in crude oil and corn futures yesterday. Brazil has some moisture in forecast for their corn crop. Spread from Dec to March is a Nickel..
Soybeans: 2-5 Better
Soy complex traded both sides of the coin on the overnight but firmed up before the close. The Jan contract traded above the 10 MA of 8.62 ¼ and has the 20 day of 8.74 ¼ in it sights. Weather comes into play again in Brazil, as they are seeing some potential rain in the forecast. May have been talking about dry conditions down there. South Korea has been shopping around for some meal. Spreads between Jan and March is only a penny and March to May is a nickel. Something to pay attention to.
Wheat: 1-4 Better
All wheat had a slight rebound on the overnight after seeing new contract lows yesterday. Most of the WW growing areas in the US got some moisture in the last few days. As does Russia and the Ukraine will be seeing some rain. Frances soft wheat crop is pegged at 41mmt which is a record and 9.3% higher than last year and 14.3% over the 5 yr ave. Both the US and the world are seeing an ample supply of wheat.