February 17, 2015
Grain Marketing Specialist
NOPA crush report out this morning.
CORN- Up 2
Corn looks to continue adding to the 1.5 cent gain made last week on the March contract. Export inspections will be released a day late this morning after the Presidents day holiday on Monday. Ethanol numbers will be released on Wednesday with the trade looking for strong weekly grind numbers once again. The USDA released their projected baseline acres for budgetary purposes this last week and had corn at 88 mln acres, which is 2 mln acres below this crop year. Nearby resistance for March futures can be found at $3.91 CH15 with nearby support found at $3.81. Below is a look at the March corn day chart..
SOYBEANS- Up 8
The trade is looking for 162 mln bushels in this morning’s NOPA crush report for the month of January. Last week’s export sales on Thursday of just over 27 mln bushels helped push the market heading into the long holiday weekend. CONAB numbers last week also helped fuel the market, lowering Brazil’s bean production by 1.3mmt to 94.6mmt for their February estimate. USDA baseline acres were reported last week and had U.S. planted bean acres at 84 mln acres, which is slightly above this year’s 83.7 mln acres.
WHEAT- Minneapolis Up 8, Kansas City Up 10
The cold snap over much of the Midwest this week has most winter wheat areas a little concerned with less than adequate snow cover to protect the plant. Wheat export sales were solid last week at 15 mln bushels, exceeding the 9 mln bushels needed weekly to reach the USDA forecast. Protein premiums still are available on spring wheat at Wheat Grower locations with a $0.75 kicker for 15.0 pro wheat and $0.15 cents 1/5th from 14-16 pro.