Grain Marketing Specialist
Corn: As of 7:45- 1 lower
Corn posting nice gains yesterday that look to have been, in large part, due to spillover strength from corn causes spec short covering. Funds estimated buyers of as much as 30,000 contracts with the last COT showing funds short roughly 200,000. Ethanol grind at 938, down from last week but higher than a yr. ago. SX6/CZ6 pressured a bit but still solid above 2.5:1. Export sales at 1140 for 15/16 and 111.4 for 16/17, on the higher end of expectations. Resistance still remains at the most recent highs of 3.74K and 3.90Z.
Soybeans: As of 7:45 - 4 to 5 lower
Heavy rains in Argentina seemed to the catalyst from yesterday’s rally posting gains from 18-19+ cents. Estimates as high as 5% of the crop may be damaged with above average moisture still in the forecast. Adequate stocks both US and Globally remain. Export sales this morning at 455.9 for 15/16 and 10 for 16/17, on the higher end of expectations.
Wheat: As of 7:45- 1 higher
Wheat seemed to be along for the ride again yesterday posting 3-7 cents gains. Much of Oklahoma and parts of Kansas have received rainfall with the forecast favorable for more. Export sales this morning out at 124.7 for 15/16 and 211.5 for 16/17 in line with expectations.