May 28, 2014
Grain Marketing Specialist
CORN – Down 3
Corn started the week lower with continued good planting progress and ideal weather conditions for emergence. Export inspections were ahead of expectations, coming in at 45.7 mln bushel. The weekly amount needed to reach the USDA forecast is 39.8 mln bushels. The crop progress report released on Tuesday afternoon showed national corn planting at 88% complete with emergence at 60%. South Dakota was pegged at 90% complete versus 73% last week. Technically, we look for support at $4.60 for December futures and $4.57 for July futures.
SOYBEANS – Up 8
Soybean planting is making good progress as the report on Tuesday afternoon showed beans at 59% complete. South Dakota’s planting progress was show at 34% complete versus 20% last week. Export inspections continue to be small but more than needed weekly to reach the USDA forecast, this week’s total exports were 3.3 mln bushels. Technically, we see resistance at $15.00 for July beans with November beans showing resistance at $12.50. Below is a look at the day chart for November beans.
WHEAT – Down 1
Spring wheat seeding was shown at 74% complete yesterday versus the average of 82%. Reports of fields being too wet in North Dakota and Minnesota continue to be heard. North Dakota was shown at 59% complete versus the average of 72% while Minnesota was shown at 67% complete versus the average of 88%. The weekly crop condition report rated the winter wheat crop at 30% good to excellent, a 1% improvement from last week.