May 1, 2017
Grain Marketing Specialist
Monthly WASDE Report will be out on May 10th. Do you have your targets in place? Contact your local Grain Marketing Specialist for pricing opportunities.
Corn: 6 higher
Funds being short 83,268 contracts, most since April of 2006, and weather problems in the southern plains are pushing the corn market higher this morning. We are now trading July futures where corn managed to hold support above $3.64 futures, and has gapped higher on the opening trade. Corn now looks to have support and resistance between the 100 (blue line) and 20 day (purple line) moving averages. Reaction to this weather is positive to the corn market in the short term. Make sure you have your targets working while we hit the fields this week.
Soybeans: 9 higher
Soybeans are also seeing spillover support from the wheat complex and is facing the same short covering from traders, which was reported at 43,737 contracts as of April 25. Soybeans continue to hold its trading range between $9.50 and $9.70 futures.
Wheat: MPLS 6 higher. KC 17 higher.
The weekend weather in the Winter Wheat Belt is pushing all the wheat complexes higher this morning. The Kansas Governor has declared a state of emergency and blizzard conditions and heavy rains wreaked havoc there. Traders wait for news of damage.