June 13, 2017
Grain Marketing Specialist
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CORN (Up 2)
Rough start to the week as high temperatures were a little less extreme than expected while the rain forecast improved in the 7-10 day outlook. Export inspections released Monday were a little low at 41 mln bushels but above the 36.5 mln bushels needed weekly to reach the USDA forecast. FWIW, last year’s export inspections were 67.2 mln bushels. The national corn condition rating dropped 1% to 67%G/E, 8% behind last year. South Dakota condition ratings had the biggest drop for the week from 62%G/E last week to 45% G/E. Nearby support for July corn is $3.77N17 on the 10-day average with resistance at $3.9175. Below is a look at the day chart for July corn with the 100-day moving average.
SOYBEANS (Up 3)
We got our first condition rating on soybeans Monday afternoon with the USDA estimating the crop at 66% G/E, this is 8% below last year at this point. South Dakota conditions were estimated at 43% G/E, which was the lowest rating across all states reported. The USDA estimated that 77% of the soybean crop is emerged, slightly up from last year. Export inspections for beans were strong at 18.7 mln bushels, nearly 6 mln bushels better than the rate needed to reach the USDA forecast. The export inspections reported were about 8mln bushels stronger than the week prior. Nearby support is found at $9.095 with resistance at $9.4475 on the July contract.
WHEAT (Minneapolis Up 15, Kansas City Up 7)
Spring wheat conditions continue to drop as U.S. spring wheat conditions dropped 10% to 45% G/E. South Dakota conditions dropped 12% on the week to 13% G/E. Winter wheat conditions were reported at 50% G/E, up 1% from a week ago. South Dakota conditions dropped 8% to 21% G/E. Export inspections on wheat were strong at 28.4 mln bushels, which was 9mln bushels better than trade expectations. HRW wheat was the largest shipper by class at 12.0 mln bushels. Nearby support for Minneapolis July futures is found at $5.895 with resistance at $6.1775. Nearby support for Kansas City July futures is found at $4.3925 with resistance at $4.60.