April 5, 2016
Grain Marketing Specialist
Corn: steady – 1 higher
Export inspections yesterday were at 41.5 million bushels, and exceeded expectations. Year to date inspections are down 16%. USDA did not release the Crop Progress Report yesterday, but it is slated to be released this afternoon at 3pm. US weather forecast are expected to turn cold and wet and could cause planting problems. Technically corn seems to be establishing a base as we get ready for the growing season. Resistance is at $3.54 May futures, and at $3.70 December futures.
Soybeans: 1 – 2 lower
Export inspections, released yesterday, were at 7.5 million bushels. This was slightly above expectations. Soybeans are being shipped as fast as they can out of Brazil and harvest is at 76% complete. Rains forecasted for Argentina could slow down the harvest there. Soybeans have started to edge lower, but we are still at futures levels not seen since December of last year. Support is at $9.08 futures in the May contract, and at $9.25 futures in the November.
Wheat: 3 – 4 lower
Wheat trade is lower in the overnight. Despite the possibility of a decline in wheat ratings, which was at 55% good to excellent last November, there is still plenty of wheat out there. Export inspections were reported at 11.7 million bushels. This is well behind pace for USDA forecasts as year to date inspections are down 12%. Weather forecasts show some moisture chances for the winter wheat areas of the Plains.