Grain Marketing Specialist
Corn: As of 7:45- steady
Corn perking up a penny from contracts lows and light actions overnight. Ethanol reports for the week ending 12/8 down slightly from the previous week to 1.089 mbpa but still the 2nd highest production on record, stocks decreased to 940 mg. Exports sales reported at 866.9 within the range of expectations of 700-1100. Technically momentum giving no clear direction with support at 3.475 and resistance at 3.60 CH8
Soybeans: As of 7:45- 5 lower
A conflicting weather forecast for SA has this market wondering which way to go. 6-10 day still showing some rain but the 10-15 drying out and warmer temps for each. But until something actually hits the ground…. Export sales at 1450 for 17/18 and 113.2 for 18/19 towards the lower end of expectations of 1400 to 2000.
Wheat: As of 7:45- 3 higher
Large stocks continue to hang over this market but with funds carrying a large short position, we can’t go lower every day. We will likely see some sporadic short covering moving forward as we get closer to the new year. I have attached a Sep Minneapolis chart as a few more spring wheat acres may work into the rotation this year and is worth looking at. Upside resistance at 6.38 and 6.50. Targets… hint, hint, hint
Export sales at 588 for 17/18 and 9.5 for 18/19 exceeding expectations of 250-450.