May 4th, 2015
Grain Marketing Specialist
Corn: 2 lower
The corn market continues to see pressure as planting continues. Expectations, for today’s weekly planting progress report, are around 48% complete. Weather news seems to be non-existent as adequate moisture continues to fall through the I – states, and chances of precipitation are forecasted, for this week, in the western Corn Belt. We are holding support around $3.60 futures in the July contract, and $3.77 in the December contract.
Soybeans: 3 higher
Soybeans stay higher as concerns for corn acres, switching to beans acres, ease. Today’s weekly planting progress report is expected to be around 11%. Resistance for the July contract is around $9.75 futures, with $9.50 for the November contract.
Wheat: 1 – 2 lower
Weather forecasts, for the week, are keeping pressure on the wheat market. Heavy rains are expected from Texas to Nebraska with the Dakotas also receiving chances.