May 2, 2017
Grain Marketing Specialist
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Corn: 2 lower
Planting delays caused some fireworks, yesterday, and that news spilled over into the corn. Funds are also trying to offset short positions. This made a good mixture for things to happen! Export inspections, reported yesterday, came in at 43.1 million bushels. This is considered bullish. Planting progress was reported at 34%. This is steady with the 5-year average, but 9% behind this time last year. Resistance is around $3.80 in the July futures, and $3.95 for December futures.
Soybeans: 2 higher
Planting delays also causing a jump in the soybean complex. Weekly inspections were reported at 19.2 million bushels. This was considered bullish, and helped push soybeans higher. Soybean planting is ahead of progress at 10%. This is 3% ahead of last year, and the 5-year average respectfully. Soybeans still moving sideways. If we can trad above $9.70 July futures, then set your sights on $9.80. November futures show resistance at $9.65 and $9.70.
Wheat: MPLS 2 higher. KC 3 higher.
Recent weather conditions in the central and southern Plains turned the markets higher, as traders sit, in bewilderment, on the extent of damage that was caused to the winter wheat. More rain is expected to show up this week, and thus not improving conditions. This will be a hot topic as traders’ sort through the news. Export inspections were reported at 21.1 million bushels. This is considered a bullish number.