November 14, 2016
Grain Marketing Specialist
Corn: 3 lower
Last week’s WASDE Report and lower soybean futures continue to weigh on the corn market. The predicted yeild of 175.3 bushel per acer and 15.23 billion bushel ending stocks pushed corn below the 20 day moving average and is holding support at $3.37.
Soybean: 7 lower
Reports, last week, showed a 4% drop in the Chinese Soybean market. The Brazilian Real also dropped against the dollar by 7%. This will allow South American Soybeans to enter the world markets much easier. Looking at the chart, we are finding support around $9.75 futures and continuing the overall sideways trend.
Wheat: steady to 3 lower
Wheat is also lower this morning. Dry weather concerns, in the southern Plains, lent support to the wheat market last week, as the weekly crop condition report showed a decline in winter wheat conditions in Oklahoma, Kansas and Colorado. KC wheat futures continue to move sideways between $4.00 and $4.30, and MPLS wheat futures are hitting resistance at $5.20 futures.