December 8, 2016
Grain Market Specialist
USDA WASDE report is out tomorrow Friday December 9th!
CORN: As of 7:45 unchanged
On Wednesday corn was stuck in a 4 cent trading range hitting technical resistance at 3.61 on the March contract. Ethanol exports for October were 131 million gallons vs 70 million gallons a year ago October. Export sales came out this morning with corn this week at 58.9 MBU which was strong compared to last week’s sales of 30 MBU.
SOYBEANS: As of 7:45 down 10
Soybeans saw a 14 cent trading range, spending a good part of the day in the red before bouncing back up off the 10 day moving average and settling at 10.49. The New crop 2017 bean contract closed up 4 at 10.32. The USDA announced a 330 TMT sale to China. OF that 66 TMT is for 16/17 crop year and 264 TMT is for delivery of the 17/18 marketing year. They also announced a sale of 136 TMT to an unknown destination for the 16/17 marketing year. Weekly export sales came out this morning at 53.7 MBU slightly above expectations.
WHEAT: As of 7:45 Minneapolis up 2 and Kansas up 4
For Spring Wheat the nearby resistance is at 5.33 on the nearby contract, both the Minneapolis and Kansas wheat closed down 5 cents today with Canada and Australia having great wheat crops this year. Weekly export sales on wheat where 18.5 MBU a little better than last week’s 17.8 MBU and it was right in line with expectations.