November 24, 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
Market rebounded nicely on Monday with little actual news outside of a surprising COT report on Friday which showed the funds shorter than expected. December corn did manage to close above the 10 day moving average of $3.62. Export inspections were reported at 19.5 mln bushels, which was 17 mln bushels below the needed weekly amount to reach the USDA forecast. Nearby support for December corn can be found at $3.56 with resistance showing up at the 25 day moving average of $3.72.
SOYBEANS- Down 1
Beans experienced a key reversal on Monday as news of the new President elect sent the market down as much as 13 cents before fund buying pushed the market to finish up 6. Export inspections were strong coming in at 68.1 mln bushels, which was above the 26 mln bushels needed weekly to reach the USDA forecast. World and domestic stocks continue to look large with what looks to be a big crop about done planting in Brazil. Outside of a production issue in South America the short term outlook looks uneventful with spreads close to flat and exports just shy of where they were a year ago. Below is a look at the day chart for January beans with the 50 day moving average…
WHEAT- Minneapolis Down 4, Kansas City Down 3
Wheat stocks continue to be ample as the market looks for some consolidation. Large speculative funds are estimated 74,000 contracts short. The USDA improved winter wheat crop conditions Monday night 1% to 53% G/E and 90% fair. The newly elected Argentina President elect looks to rid of the country’s 23% export tax which could lead to more wheat seeding in the country next year. Nearby support for Minneapolis December futures can be found at $5.065 with resistance showing up at $5.175. Nearby support for Kansas City December futures can be found at $4.49 with resistance at $4.725.