Oct 21st 2013
Grain Marketing Specialist
Corn: As of 7:45- 1 lower
Corn managed to close 8 ¼ higher for the week on harvest delays and ideas of lower prices bringing in increase demand. USDA is still trying to catch up on missed reports from the shutdown with the release of the 9-26 export sales of 775.2 tmt. A drier forecast looks to benefit harvest progress this week as we continue to hear of mostly better yields. Informa estimates 2014 corn plantings at 91.684 vs 2013 of 95.969. Technically all three of my indicators are bullish with resistance at 4.49 and 4.61 and support at 4.32.
Soybeans: As of 7:45- 2 higher
Soybeans rallies 24.5 last week on harvest delays and exports. Friday USDA reported sales of 222tmt sold to China and 140 to unknown. This added early strength but was limited by a better harvest forecast and famer selling. Harvest progress is expected to be updated this afternoon anticipated at 60%+. Informa estimates 2014 soybean planting at 83.904 vs 76.9018 in 2013. Technically all three of my indicators are bullish with resistance at 12.97 and 13.18 with support at 12.62.
Wheat: As of 7:45- 3-4 lower
Wheat market continued to be the star last week as concern over world wheat stocks added support. Argentine wheat crop now being estimated at 8.8 vs the last USDA estimate of 12. Informa estimates all wheat planting for 2014 at 57.725 up from 2013 of 56.156. Exports for the week of 9-26 at 837.8 tmt. Technically this market has been looking a little over bought but it doesn’t seem to matter.