December 12, 2014
Grain Marketing Specialist
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CORN – Up 7
Corn rebounded on Thursday after the USDA showed us a slightly tighter carryout of just under 2 bln bushels in Wednesday’s report. Weekly export sales for corn were reported at 37.9 mln bushels which was within trade expectations. Demand for corn continues to improve as we have another good week of corn demand with adequate exports and excellent ethanol production. Technically, we tested a couple recent highs on March, May and July contracts. Nearby support for March futures is found at $3.84 with resistance at $4.16. Below is a look at the March 15 day chart for corn, notice we are currently breaking through the top side of the trading range.
SOYBEANS – Up 6
Beans bounced back aggressively on Thursday after traders had a day to think about the 40 mln bushels cut off carryout in the USDA report Wednesday. Beans export sales were in line with trade expectations at 29.8 mln bushels. Technically the board looks to be consolidating and trying to find a trading range between $10.50 SF15 and 9.85 SF15. Processor bids are still relatively weak for the time being with the export market still in the driver seat. Below is a look at the day chart for November 15 bean futures, the recent high of $10.57 may be a good spot to throw in a target as we inch closer.
WHEAT – Kansas City Up 8, Minneapolis Up 8
Wheat followed corn and beans on Thursday after a good export sales report of 16.3 mln bushels. Protein premiums are still available for spring wheat over 14% protein at Wheat Grower locations. In world news Egypt’s GASC bought 120tmt of wheat from Russia and 60tmt from France. Minneapolis March futures look for resistance at $6.43 with support showing up at $6.04. Kansas City March futures look for resistance at $6.66 with support at $6.10.