Grain Marketing Specialist
Corn: As of 7:45- 1 higher
After 6 long sessions lower May corn finally managed to close in the black yesterday a ½ c. The old saying “the journey of a thousand miles starts with 1 step” comes to mind … Let’s hope this is the start of something. Ethanol production down week on week to 987 but is still 5% higher than a year ago. Informa raised Brazilian corn estimate to 85.5 mmt and Argentine corn to 27 mmt. Export sales this morning at 1100 on the high end of expectations.
Soybeans: As of 7:45- 2 higher
A relatively light news day yesterday with the exceptions being Informa’s Brazilian production estimate being increased to 101.3 mmt and Argentine production lowered to 59 mmt. Support looks to remain at 8.56 and 8.53 with resistance at 8.76 and 8.90. Export sales at 440.1 for 15/16 and 2.1 for 16/17 right in the middle of expectations.
Wheat: As of 7:45- 4 higher
Fund short covering looks to have pushed the wheat complex off of off contract lows yesterday. Fundamentally nothing has changed as many are expecting carryout to grow to as big as 1 billion in next week’s USDA report. Export sales at 344.3 for 15/16 and 66.3 for 16/17 within the range if expectations.