Aug 5th 2014
Grain Marketing Specialist
Corn: As of 7:45- 4 lower
Corn posting nice gains mostly on back of beans and wheat yesterday. Crop ratings dropped 2% good to excellent to 73% which was expected. Weekly export inspections a solid 44.9 mbu. Private estimates coming out more all the time and 170+ yields not uncommon. Informa will be out today. This looks to continue to weigh on this market. Technically we did post a key reversal higher yesterday but seen little follow through last night as ideas of a big crop ultimately dictate direction. Dec support at 3.61 and resistance at the 14 dma at 3.73.
Soybeans: As of 7:45- 16 lower
Soybeans posting double digit gains yesterday on lack of precip over the weekend and export sales to both China and Taiwan. For today it appears the rain is back in the forecast particularly the WCB. That along with conditions that remained unchanged at 71% good to excellent yesterday afternoon seems to be erasing much of yesterday’s gains this morning. Weekly export inspections at 1.4 mbu. which was in line. Technically Nov beans posted a key reversal higher yesterday but it appears we are living and dying with weather.
Wheat: As of 7:45- 2 lower
Quality concerns from EU pushed the wheat complex higher yesterday. Spring wheat crop condition unchanged at 70% g/e. Export inspections at 12.9 mbu which was a little disappointing. Winter wheat harvest is on its last leg with SD lagging at 55% complete and spring wheat is just firing up. Early yield reports from SD look to be very good. Technically all three of my indicators are bullish both KW and MW.