October 2, 2017
Grain Marketing Specialist
CORN: As of 7:45 - steady
As per usual, the USDA Quarterly Stocks Report on Friday proved its unpredictability, and Dec corn was able to finish in the green by 2 3/4. Although stocks were set below expectations, we are still sitting on 2.295 billion bushels! Weekend rains missed the ECB and allowed for a continuation of harvest, but they have created a wet upcoming week for the western belt. The infamous "rangebound market" appears to have set in again...
SOYBEANS: As of 7:45 - down 4
Early harvest reports showing yields that are comparable to last year, which is much better than what was expected prior to harvest. November soybeans ended Friday's session 8 3/4 better after a slightly bullish USDA report. Stocks were pegged at 301 million bushels - well under the estimate set at 338. Overnight, we are seeing a little setback from those gains. Nov faces resistance at the 200-day moving average around 9.77, and support from the 40-day moving average at 9.55.
WHEAT: As of 7:45 - MPLS down 15, KC down 5
The wheat numbers released on Friday were not as friendly as their corn and soybean counterparts. Stocks were pegged at 2.253 bbu vs. a 2.205 average estimate. As a result, Minny wheat closed down 21 cents on Friday, with follow-through selling this morning and breakage of the 200-day moving average support on the nearby Dec contract.