May 28th 2014
Grain Marketing Specialist
Corn: As of 7:45- 3 higher
Weather and planting seem to be the name of the game these days. Corn finishing strong for the week last week with nearby settling 12 ¼ and Dec 9 ½ higher. Precip falling over most of the Corn Belt slowing planting progress supportive this morning with more in the forecast. Planting progress out this afternoon with guesses 20-25% complete vs. the average of 28% and last week at 6%. FND for the May contract is Wednesday. As a reminder anyone with unpriced HTA’a or BF’s vs. the May will need to taken care of by noon Tuesday. Technically all three of my indicators are bullish with resistance for the Dec at 5.17 and 5.25. Support at 4.87.
Soybeans: As of 7:45- oc 18 higher, nc 7 higher
Soybeans settled kind of mixed for the week with May down 16 and Nov ½ higher as we continue to talk about SA beans switching destination from China to the US. This morning we look to higher on weather and tight supplies. Planting progress this afternoon looks to be 1-3% vs. average of 3%. As a reminder anyone with unpriced HTA’a or BF’s vs. the May will need to be taken care by noon Tuesday. Technically 2 of my 3 indicators are bullish.
Wheat: As of 7:45- 5-6 higher
Wheat finished the week stronger on Friday on Ukrainian tension and dry conditions for HRW areas. Spot Minneapolis 14 ¾ higher and KC spot 17 ¾ higher for the week. Cool wet weather looks to slow spring wheat planting as well. The morning we look to be stronger on more of the same. Technically all three of my indicators are bullish across the complex.