Grain Marketing Specialist
Corn: As of 7:45- 2 lower
Despite a sales announcement to Mexico yesterday for 17/18 and solid weekly export inspections of 805.8 (range of estimates 650-850) the corn market couldn’t garner a positive trade. Funds estimated sellers of 7000 contracts. Crop conditions maintaining a 62% G/E rating, most states steady to a point lower except for South Dakota increasing 4 to 46% G/E. Overnight on lower being pressured by nonthreatening ratings. Look for support for CZ7 at 3.46 and 3.30 with resistance at 3.62.
Soybeans: As of 7:45-5 lower
Soybeans traded both sides yesterday as the south did make good progress before rain shut them down. Export inspections at a solid 716.2 (average estimate at 550-750). Crop conditions increasing slightly 1 point to 61% G/E. Notable increases in the Dakota’s as moisture on cool temps have helped us greatly. Lower overnight on increased ratings. Look for support at 9.20 SX7 and resistance at 9.50.
Wheat: As of 7:45- Winter- 4 lower, Spring 7 lower
The wheat complex continues its slide despite solid export inspections of 670.7 exceeding the ave. range of 450-650. Harvest marches on as spring wheat reported at 76% complete. Russia ramping up harvest as well on what is expected to be a record crop. Overnight we are lower on ample supplies and limit damage to the ND crop.