Grain Marketing Specialist
Corn: As of 7:45- 2 higher
Yesterday was the 2nd session in a row to settle in the black for corn as momentum seems to shifting for the time being. All be it both days very modest gains but we will take what we can get…. Overnight higher as well with a couple of favorable news items this week. 1st solid export inspections Monday and now yesterday ethanol production reported at 1.045 million bpd up 23,000 from last week. This was particularly surprising given light ethanol crush margins. Export sales this morning at a solid 1.26M for 16/17 and 218.1 for 17/18. Technically I anticipate resistance at 3.70k and 3.76 with support at 3.60.
Soybeans: As of 7:45- 5-6 higher
The overnight strength for soybeans couldn’t hold on throughout the session with a disappointing NOPA crush number pressuring beans lower. NOPA at 142.8 which was down 11% from last month. The bulls look to struggle to find any favorable fundamental news these. Export sales this morning at 471.6 for 16/17 and 225.8 for 17/18.
Wheat: As of 7:45- 3-5 higher
Some rumbling about possible frost damage along with drought concerns continue to support this market. 6-10 day forecast does show some chances for moisture over the northern HRW areas. Export sales out this morning at 264.4 for 16/17 and 74.2 for 17/18.