Grain Marketing Specialist
Corn: open at 8:30- steady to a little better on weather
Monday’s shorter session was not anything near short on excitement. Front months rallied as much as 15c before settling 7 ½ higher. Producers responded selling primarily old crop both here locally and across the country. A warm/ dry forecast along with a favorable export inspection number helped fuel the fire. Export inspections at 1.094 exceeding the range of guesses. It appears as if forecast has not changed much as the 6-10-day looks for above ave. temps and precip. Weathers the name of the game now… Crop rating releases this afternoon expected to show little overall change.
Soybeans: open at 8:30-higher on weather
As with corn soybeans showed another day spunk off a primarily weather forecasts. Unlike corn export inspections a little less impressive at .266 on the low end of expectations. Inspections do however remain ahead of pace for the yr. A large SA inventory is still out there… Weather will be the focus for the immediate future and the forecast remains primarily warm and dry. Technically all 3 of my indicators are bullish as $10 SX7 doesn’t look as far away as it once did…
Wheat: open at 8:30-higher on decreasing crop ratings
. Wheat continues to rock and roll higher as Minneapolis settled 44 higher and KC limit higher of 30. Today will have expanded limits of 45c. Drought persists in much of the spring wheat growing area’s as this continue to be a protein play. Export inspections at 505 which was within the range of expectations. Starting to hear talk from some guys looking ahead towards 2018 as prices start look make wheat look like a viable option again with KWN8 trading at 6.09. Might be worth looking at protecting if you are. There are several ways of doing this but looking at a min price or min-max may be worth considering. Establish that floor and remain in the market if this thing keeps running.