November 23, 2015
Grain Marketing Specialist
Thanksgiving Holiday week hours:
Wednesday normal close
Thursday no markets
Friday market opens at 8:30AM, closes at 12:05PM
CORN- Down 3
Corn has been fairly range bound since November 10th, ranging from $3.665 to $3.56. The 10 day moving average is currently right where we are trading at $3.615. The Argentina election is dominating most headlines this morning as candidate Macri who promised to cut corn export taxes looks to have won. If this candidate does turn out to win analysts suggest this leads to more corn acres in Argentina along with increases in the country’s exports. Export inspections are to be released this morning and corn needs 38.2 mln bushels to keep track with the USDA forecast. Below is a look at the December corn day chart with the 50 day Moving average.
SOYBEANS- Down 12
Same story in beans as newly announced President elect Macri looks to have won the Argentina election and promises to lower the soybean export tax. Export inspections released this morning need to be 27.3 mln bushels to stay on track with the USDA forecast, last week’s inspections were 79.4 mln bushels. Brazil news has been light but there have been some areas of soybean replants due to dryness over the last few weeks. Nearby support for January soybean futures can be found at $8.40 as we push new lows this morning with nearby resistance showing up at $8.5775 on the 10 day moving average.
WHEAT- Minneapolis Down 1, Kansas City Down 3
World and domestic wheat stocks still look to be ample as both Kansas City and Minneapolis markets are close to or making new contract lows. Export inspections to be released this AM need 15.9 mln bushels to keep pace with the USDA forecast. Last week’s export inspections were 10.3 mln bushels. Private Russia tour sees no early drought issues in Central Russia so far. Nearby support for Kansas City December futures can be found at $4.49 with resistance showing up at $4.6175. Nearby support for Minneapolis December futures can be found at $4.9825 with resistance at $5.11.