March 17, 2016
Grain Marketing Specialist
Corn: 2-5 Better
Corn traded in a tight trading window yesterday as we only saw a 2 ½ cent range. The gap from Monday remains open as of this morning. New momentum gained on the overnight session from the Feds leaving the Interest rates alone along with a weaker US $. We will see if that is carried in the today trading session. The Dec contract seems to be running into resistance around 3.90 (100-day MA) but has support at 3.84 ½ (50-day MA). May contract is supported around our 50-day MA 3.66 1/2 and resistance at 100 day 3.73 Ethanol prod. Increased 21k barrels/day to 999k this week. The stocks did decline to 454k as seasonal usage picks up. Private estimates on corn acres come in around 90.4 million.
Soybeans: 4-8 Better
Soybean complex struggled most of the day as well but rallied back at the close. That carried over in the overnight session as May beans are up 6 Nov up 5 ½. Support is coming off a weaker US $. SK beans are running into resistance around 9.00 after that iit would be 9.05. Support seems to be around 8.89. We did get a sale on the books yesterday to an unknown source for 100tmt. Private estimates are around 82.575 a reduction from 82.7 last year.
Wheat: 2-5 Higher
Wheat classes sold off early in yesterday’s session but was unable to rebounded by the end of the day. We did seem a resurgence in the overnight helped by the weak $. Private estimates on wheat acres are around 51.769 of that 13.185 is said to be spring wheat. Last year that number was around 13.247.