November 16, 2017
Grain Marketing Specialist
The December contract trading a fraction of a penny all night on little news. Currently trading at 3.38. The funds are adding a little excitement with the fact that they are short an estimated 257k contracts. That position continues to grow. Weekly ethanol production came out slightly lower than the previous week but still holding at peak levels, 1054 TBPD. Stocks were up 152 TBPD to 21497. That is 15.5% higher than last year. In Parana Brazil, the Department of Rural Economics reported full season corn planting at 99% complete. Production off 38%. The COT report out Friday. Corn Export sales were weak, as expected at 37.4 MBU.
Beans currently sitting at 9.76 on the Jan. contract. Tested the 200 DMA yesterday, finding support from soybean oil and meal. It doesn’t seem meal wants to trade to far below $310. The January contract has resistance at 9.74 and 9.82 with the next support level being 9.67. NOPA crush was right on the money at 164.2 MBU, just .4 MBU behind a year ago. Export sales were at the lower end of expectations at 40.6 MBU
Wheat: MPLS up 4 KC up 2
MPLS still holding on above that 50 and 200 DMA. The next line of resistance looks to be at 6.59. Egypt is tendering for early Jan shipments of wheat. Export sales for wheat were right in line at 18 MBU.