November 1, 2016
Grain Marketing Specialist
Next USDA report is next Wednesday, November 9th
CORN (Down 2)
Corn traded on both side of unchanged Monday with pretty benign information hitting the market. Export inspections were okay at 31.2 mln bushels but below the 42.4 mln needed per week to reach the USDA forecast. Corn harvest progress was reported at 75% complete, which is a 14% week on week increase but 7% behind last year. South Dakota is pegged at 62% complete with harvest, which is 12% off of last year at this time. Harvest weather continues to look good for much of the Western corn belt with a dry 7-day forecast. Nearby support for December futures is found at $3.4625 with resistance found at $3.59. Below is a look at the day chart for December corn.
SOYBEANS (Down 1)
November beans have now pulled back 18 cents off the recent high as we near the end of harvest. Export inspections were great coming in at 105.4mln bushels which was better than trade expectations and our first 100 mln bushel week on beans since November 2014! Harvest progress was reported at 87% complete, which was a 12% increase from last week and slightly behind last year at this time. South Dakota harvest progress was shown at 95% complete, a 6% increase from last week. USDA announced a 264tmt sale to China for this marketing year. Nearby support for November futures is found at $9.92 with resistance at $10.20.
WHEAT (Minneapolis Down 1, Kansas City Down 1)
Wheat exports were reported at 12 mln bushels which was in line with expectations but below the needed 17.7 mln bushel figure to reach the USDA forecast. Winter wheat conditions were reported at 58% G/E, a 1% drop week on week. The USDA is showing that 70% of the winter wheat is emerged, right in line with the 5-year average. Nearby support for Minneapolis December futures is found at $5.2275 with resistance at $5.38. Nearby support for Kansas City December futures is found at $4.1075 with resistance at $4.21.