April 18, 2017
Grain Marketing Specialist
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CORN (Down 1)
Rough start to the week on corn as it seems late corn planting fears over the Eastern corn belt looks to have subsided for the short term. Export inspections were favorable at 52.3 mln bushels. This was higher than trade expectations and higher than the 40.3 mln bushels needed weekly to reach the USDA forecast. Argentina continues to clip along with corn harvest as they are now estimated to be 18% complete. Corn planting progress was estimated at 6% complete, 3% below the average. China’s National bureau of statistics estimates an 8% increase in bean acres and 4% less corn this coming year. For May corn futures nearby support is found at $3.63 with resistance showing up at $3.73. Below is a look at the day chart for May corn with the 100-day moving average.
SOYBEANS (Down 5)
Export inspections came in on the low side of trade expectations at 15.4mln with China shipments dropping 7 mln bushels from last week. NOPA crush figures came out for March yesterday and were reported at 153.1 mln bushels. The trade was expecting a number closer to 156mln bushels. Free dp is still available at most WG locations if you are looking to get a little moved before Spring work gets into full gear. Brazil soybean harvest is estimated to be 87% complete. In Monday’s trade the funds were estimated sellers of 3500 bean contracts. Nearby support for May beans is seen at $9.365 with resistance at $9.595.
WHEAT (Minneapolis Up 1, Kansas City Up 2)
Export inspections for the week were reported at 24.7 mln bushels. This was on the high side of expectations and right in line with the 24.2mln needed weekly to reach the USDA forecast. In world news, wheat and barley area in Russia is expected to be up 7.5% over last year with current conditions ratings down slightly from last year. U.S. spring wheat planting is reported at 13% complete, which is 8% behind the average. Winter wheat conditions improved 1% to 54% good to excellent. Nearby support for Minneapolis May futures is found at $5.1525 with resistance at $5.3725. Nearby support for Kansas City May futures is found at $4.15 with resistance at $4.32.