September 20, 2016
Grain Marketing Specialist
Fall harvest is here! Contact your nearest Grain Marketing Specialist to discuss our different contracting options and grain programs.
Corn: 2 higher
Corn started out of the gates higher, yesterday, on US weather forecasts and support from the soybean complex, but managed to shake off gains and close below the resistance level of $3.40 futures. Export inspections, released yesterday, came in at 50.6 million bushels. This landed right in the middle of trade estimations. Weather forecasts continue to show wet conditions for the week, with temps cooling down here in the Western Plains. The crop progress report showed that the corn crop is 5% ahead of the average maturity of 48%, with harvest only 9% done versus the five-year average of 12%.
Soybean: 6 higher
Soybeans managed to trade a penny over the $9.80 resistance point before falling back on lower than expected export inspections, which were at 27.8 million bushels, that were released yesterday. Wet weather forecasts, and demand expectations, are still lending support in this market. Crop conditions and harvest progress, also released yesterday, showed that maturity is 3 points ahead of the 46% five-year average, with harvest about even with average.
Winter wheat plantings are at 17%. This is 1 percent ahead of average. Export inspections were at 20.7 million bushels. This was smaller than last week, but still keeping pace with USDA export inspections forecast. Fundamentals and large supplies keeps rallies limited.