January 16, 2015
Grain Marketing Specialist
Interested in a picked up bid for beans or corn off your farm, contact your local WG Grain Marketing specialist for a quote!
CORN – Up 2
Weekly export sales on Thursday were 32.2 mln bushels, above the 21 mln bushels needed weekly to reach the USDA forecast. March corn struggled on the board Thursday but still managed to close above the 100 day moving average of $3.775. Informa released their 2015 planted acres, which was estimated at 88.6 mln acres. Looking back at Monday’s USDA report, the U.S corn/feed/seed industrial usage was pegged at 1.644 bln bushels, which is up 6.1% versus last year. Technically, nearby support for March futures remains at $3.7450 with resistance showing up at $3.845.
SOYBEANS – Down 1
Weekly export sales yesterday showed 41.6 mln bushels of new sales added last week, well ahead of the 5.7 mln bushels needed weekly to reach the UDSA forecast. Informa’s acreage number for 2015 beans was pegged at 88.032 mln acres, which is pretty close to this year’s acreage number. NOPA released their December crush number which was slightly below trade expectations at 164.383 mln bushels. Big fundamentals continue to weigh on beans with a USDA estimated 410 mln bushel carryout coupled with fair to good weather currently in Brazil. Technically, nearby support remains at $9.85 SH15with resistance showing up at $10.25 SH15.
WHEAT – Kansas City Up 5, Minneapolis Up 3
Weekly export sales showed 10.5 mln bushels of new sales added last week which was in line with trade expectations. In international news France sold 240tmt to Egypt’s GASC. The U.S. Seasonal Drought Outlook is forecasting drought to persist or intensify over parts of Kansas, Oklahoma and Texas. Technically we look for support on Minneapolis March futures at $5.56 and Kansas City March futures at $5.70.