May 25, 2017
Grain Marketing Specialist
Corn: 2-5 Higher
Corn was mixed yesterday as we saw a range bound trade as. July seems to be stuck in the 3.65-3.77 range. A little bump on the overnight as July is up a penny and Dec up fractionally. Marketing factors have become routine in the news. Resistance seems to be around that 3.75 area and support around our 50-day MA at 3.69 3/4. Ethanol production was down for the week versus the pervious.
Soybeans: 2-5 Higher
Not a lot of excitement yesterday in the bean complex as beans closed unchanged on the nearby contracts and Nov only down fractionally. Was a two-sided affair for the bean market on the overnight, thought it was more positive than negative. We are seeing July up 3 ¾ and the Nov up a penny. boat lineup in Brazil is still quite large, with China as the overwhelming destination. Argy AgMin pegs their crop at 58mmt, USDA says 57mmt—harvest near 80% complete. Still unrest with Brazilin politics, as a group of citizens are protesting and calling for the president to resign. Support as of now is pegged around 9.43 than down to 9.41
Wheat: 2-5 Higher
Wheat put in decent performance led up by Spring wheat. KC was up 2 on the nearby contracts and NC contracts as Minny was up 6. That momentum was carried into the overnight session as we are seeing both Minny and KC up across the board. Feels like wheat is joining on the weather pressure a few areas in both spring wheat and KC are getting a little dry. But dry make protein. HRW sees light harvest but more showers are expected. Sp. Wheat is mostly in good shape. Spreads on KC is something to watch. Right now, N/Z spread is at $.43.