March 22, 2016
Matt Erickson
Grain Marketing Specialist

Join us in the “Quest for Higher Yields” this Thursday, March 24th, featuring Fred Below, Professor of Plant Physiology at the University of Illinois! Fred will share his strategy of feeding the plant, not the acre. One lucky winner will go home with a UAV at the event, but to win you must be pre-registered by March 22nd and present to win! The event will go from 10 AM – 12 PM including lunch at the Wheat Growers Innovation Center at Bath.

http://www.wheatgrowers.com/pop/show/rightnow?id=108


CORN- Unchanged

Good start to the week as we finished up and about 3 cents off the 100 day moving average of $3.72 K16. Export inspections released Monday were on the strong side at 39.9 mln bushels, which was just shy of the 41.7 mln bushels needed weekly to reach the USDA forecast. There seemed to be some fund buying on Monday as the funds are still short around 220k contracts. Some southern corn planted areas may have been affected by the sub-freezing temps on Sunday night but overall damage should be limited. Technically support for May futures can be found at the gap created early last week at $3.655 with resistance found at 3.72 K16. December futures support can be found at $3.835 with resistance at $3.90. Below is the day chart for May corn, notice the 100 day moving average just above where we are today along with a pretty defined trend line.

SOYBEANS- Up 4
Beans traded on both sides of unchanged on Monday, showing a lot of volatility with a 13 cent range. This was the largest range we have seen since March 2nd, proving the indecision in the marketplace. Export inspections were weaker at 21.1 mln bushels with China destination bushels dropping nearly 7 mln bushels week on week. Both nearby and November futures see their highest closes of the move with new crop (November) futures now close to 30 cents above insurance prices set back in February at $8.85X16. This may be a good point to get started with a few sales, especially if you don’t have anything on the books for next year. Technically, May futures are showing resistance at $9.175 with support found at $8.955 on the 10 day moving average.

WHEAT- Minneapolis Up 2, Kansas City Up 3
The market was green across all wheat futures on Monday as Western Kansas and parts of Colorado and Oklahoma receive freezing temperatures over the weekend. Spring wheat seeding is slowly getting started across the Dakota’s with next week many planters rolling pending weather. Export inspections for the week were reported at 17.2 mln bushels which was ahead of 13.8 mln bushel pace needed weekly to reach the USDA forecast. In world news Russia’s export pace year to date is very comparable to last year and India sees some damage from hail and excessive rains over the weekend. Nearby support for Minneapolis futures is found at $5.0475 with resistance at $5.235. Nearby support for Kansas City futures can be found at $4.655 with resistance found at $$4.905.