April 7, 2014
Grain Marketing Specialist
The 7 day forecast looks great…Starting to feel like spring!
CORN – Down 2
Corn is a little weaker this morning as we keep trading around the $5.00 CK14 mark. At this point it is difficult to tell if this level will become support or resistance going forward. Exports continue to remain strong heading into the next USDA report on Wednesday morning. Analysts believe we may see carryout in corn drop as much as 50 mln bushel due to strong exports coupled with last week’s increased ethanol production. Below is a chart of CK14 corn, our next level of resistance after $5.00 is $5.22 CK14 to the upside with our next level of support coming at $4.81 CK14 to the downside.
SOYBEANS – Up 3
Beans continue to stay volatile with the potential for China cancelling sales heading into the summer months. In the nearby we have traded up to $14.96 SK14, which we achieved last Wednesday. Since the report last Monday we have gained 18 cents for NC beans on the board. Our next level of resistance for Nov 14 beans is $12.19 with support coming at $11.94.
WHEAT – Up 5
Wheat has dropped 50 cents on the board since our March 20th highs. The first national winter wheat ratings will be released Monday night, which may be similar to last year’s rating at this time of 34% good. The southern region of the U.S. continues to look dry this spring with fears of many winter wheat acres being zeroed out.