Grain Marketing Specialist
Corn: As of 7:45- 1 lower
Corn being dragged higher on spillover strength from beans and wheat yesterday, closing on its highs. US corn remains very competitive in the world market helps give underlying support. Export inspections out at 835 tmt falling on the low side of trade estimates of 800-1100. Technically we are approaching recent highs of 3.69H and 4.00Z, look for resistance there. SA corn production estimates continue to dip as well.
Soybeans: As of 7:45- 3 higher
SA weather trumped Chinese cancellations of purchases yesterday. 6-10-day SA forecast shows spotty coverage in north and west Argentina with little in the east. Brazil looks to have a harvest window. This market looks to live and die by SA weather. Will this end up being a buy the rumor sell the fact situation?? Be in contact with your grain originator to place orders. Export inspections at 1.319 mmt exceeding expectations of .8 to 1.1
Wheat: As of 7:45- Winter steady, Spring 1 higher
Dryness in the southern plains keeps the volatility alive in the wheat complex. Snow coverage in the north helps temper that along with ample stocks. Export inspections at 487 tmt falling right in the middle of expectation of 325-575.