November 18, 2016
Grain Marketing Specialist
US Dollar reaches new 13 year highs following a good Jobs and Housing Report.
Corn, so far, has modestly gained a penny, in the futures, versus last week as we continue this sideways trek between the $3.37 and the $3.43 futures levels. Yesterday’s Export Sales Report showed 65.4 million bushels were sold. This was 35% higher from the last week and puts total sales 90% higher from this time last year. Technically corn continues to test the convergence of 50 and the 100 day moving averages at $3.42/$3.43 futures. It needs to break through if there is any hope of a rally.
Soybean: 1 lower
Soybeans are also seeing pressure this morning from a higher dollar, and look to end the week lower. The story we have been following all week remains the same. Good export demand is not enough to push soybeans higher past the $9.90 Jan futures level. Support continues at $9.80
Wheat: steady to 1 lower
Exports continue to be hurt by the rising US Dollar. Actually, yesterday’s Export Sales Report, for wheat, puts total year to date exports up 29%. However, plenty of national and global supplies will keep a cap on any rallies for now.