May 27, 2014
Grain Marketing Specialist
CORN – Down 6
The market gapped a penny lower after the long Memorial Day weekend on favorable weather and good planting progress. Corn planting progress seen somewhere in the 85-90% range across the U.S. Funds continue to remain long heading into the summer months, now an estimated 220,000 contracts.
Technically, we are hanging around nearby support of $4.7250 for July corn and see the next level of resistance at $4.8250. December corn is testing support at $4.6875, currently trading at $4.69.
SOYBEANS – Down 12
Favorable weather over the weekend led to many soybean acres getting planted. The trade is estimating 50-55% complete in tonight’s crop progress report. Chinese government continues to offer and sell soybeans from their state reserves, adding pressure to the market. Funds are now long an estimated 147,000 contracts. Technically, we see support for July beans at $14.675 with the next level of resistance at 15.3675. November beans next big level of resistance comes at $12.79 with support at $12.0675.
WHEAT – Down 4-5
Texas and Oklahoma received the most rain over the long holiday weekend while western Kansas didn’t get as much as originally anticipated. North Dakota and Montana were able to make good seeding progress over the last week with favorable conditions. Tonight’s planting progress report is expected to come in around 65% complete.