April 20, 2017
Grain Marketing Specialist
Export sales to be released this morning
Reminder…targets work 17 hours a day, even when you’re in the field. Contact your local Grain Marketing Specialist to establish target objectives before the busy Spring season!
CORN (Up 1)
Nearby corn futures couldn’t hold the early session gains Wednesday as the weather looks to be turning a little drier in the extended forecast. Export sales are expected to be around 30 mln bushels in this morning’s report. Ethanol numbers were out Wednesday and showed an increased output of 9k barrels per day. Ethanol stocks were up 131k barrels for the week. In world news China is looking to expand their corn starch sector, which should help draw down their state reserves over the next few years. For May corn futures nearby support is found at $3.5725 with resistance showing up at $3.73.
SOYBEANS (Up 3)
A little risk premium is being put back in the market as Argentina receives some untimely rains during harvest. Export sales released this morning are expected to be around 15mln bushels for the week. Brazil looks to be on the last leg of bean harvest as most guess around 87% complete. Will we see more bean acres with this wet Spring? Stay tuned as price volatility tends to increase during this time of year. Nearby support for May beans is seen at $9.365 with resistance at $9.595. Below is a look at the day chart for November 17 beans with the 50-day moving average.
WHEAT (Minneapolis Unchanged, Kansas City Up 1)
Wheat nearby markets were volatile on Wednesday as Minneapolis traded an 11-cent range with the fear of planting delays and changing weather forecasts looming over the market. Important to note that Minneapolis May futures bounced off the 100-day moving average of $5.43 and finished lower for the day. Wheat export sales are expected to be around 13mln bushels in this morning’s sales report. Nearby support for Minneapolis May futures is found at $5.1525 with resistance at $5.43 on the 100-day moving average. Nearby support for Kansas City May futures is found at $4.15 with resistance at $4.32. Below is a look at the May Minneapolis day chart with the 100-day moving average.