Grain Marketing Specialist
Corn: As of 7:45- steady
Corn closed higher for the 3rd day in row yesterday supported by a wheat market that exploded higher. Also lending support was Informa’s released of updated acreage estimates. Informa now estimating corn planted acres at 88.7 million vs. USDA’s 89.2. Technically I have resistance at 3.75 and 3.87 on the July contract. 6-10 day forecast remains cooler and wetter as we work on planting that last 25%.
Soybeans: As of 7:45- 1 higher
Corn/ bean spreading noted yesterday as beans just couldn’t gain any traction. Informa increased acreage estimate to 87.2 million acre’s vs. USDA’s 84.6. Nopa will release crush data this morning and is estimated at 148.211 vs. Mar at 162.82 and LY at 132.67. A weak dollar that has been supporting commodities is firming a bit this morning. Technically this market still looks to me to have no clear direction.
Wheat: As of 7:45- 1-4 lower
Fireworks in the wheat complex yesterday… Seems that excess moisture and fears of frost was enough to spur massive short covering. COT out today but wont reflect the short that shook out yesterday as the cut off was Tuesday. Informa spring wheat acreage estimates increased to 13.3 million acres. Russia announced it will be lifting its export duty on wheat today.