Grain Marketing Specialist
Corn: As of 7:45- 6 higher
Export sales released Friday due to Monday’s holiday showed another solid week of sales at 1.3, putting the week well above what was expected. WASDE report released Friday. 6-10-day forecast showing above ave. temps with normal to below normal moisture. Crop condition and progress report out this afternoon at 3 pm cst. Export inspections released at 10 pm cst. Dec. corn gapped higher last night pushing through the 4.20 mark. I have next resistance at 4.37z.
Soybeans: As of 7:45- 18 to 20 higher
Noted profit taking had soybeans on its heels Friday but it looks like this morning meal seems to be back in the driver’s seat firming soybeans again. Export commitments exceeding USDA expectations for the year with 12 weeks, leading to ideas of exports being raised for Fridays USDA report. Planting progress expected to 82-87% complete this afternoon, above the 5 yr. average of 78%. Nov. beans breaking the $11-mark last night. I have attached a soybean meal chart for your viewing pleasure.
Wheat: As of 7:45- 3 to 5 higher
A softer dollar on a disappointing US jobs report kept the wheat market firm on Friday. Rains have slowed OK harvest but 6-10-day forecast looks much more favorable. Export inspections released at 10am cst.