March 25, 2016
Matt Erickson
Grain Marketing Specialist

No markets today in observance of Good Friday. Markets will re-open Sunday night at 7pm

CORN
Nearby corn finished the week up 3 cents as we have found some consolidation over the past couple weeks between $3.6575 and $3.72 May futures. Export sales reported on Thursday were good at 31.6 mln bushels, which is about 10mln bushels stronger than the pace needed weekly to reach the USDA forecast. Trade guesses for next week’s report seem to be coming in around 90 mln acres with the high side at 92 mln acres. Ethanol margins have slipped over the past month and are still well off the values seen last year at this time. 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.

SOYBEANS
May beans rose 13 cents on the week as we have now had positive gains the last four weeks. Export sales released yesterday were okay coming in at 15.1 mln bushels. Average trade guesses for next week’s report peg bean acres somewhere in the 82-83 mln acre range. Some believe the recent rally in beans may sway a few more acres here this spring as the bean: corn ratio has moved in favor of beans over the past 3 months. South America’s bean shipping program is in full swing with China looking to be close to overbought in the short term. Technically, May futures are showing resistance at $9.14 with support found at $8.995 on the 10 day moving average.

WHEAT
Wheat export sales were strong at 13.6 mln bushels which was ahead of the 7.6 mln bushels needed weekly to reach the USDA forecast. May futures for both Kansas City and Minneapolis markets closed about 15 cents off the short term highs set last week. In world news Egypt’s GASC bought 60tmt of French wheat. 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.