June 12, 2015
Grain Marketing Specialist
Reminder- if you are a voting member and haven’t yet voted on the NCFE/WG’s unification we would encourage you to mail by today Friday, June 12th so we can ensure all ballots are received by Eide Bailey on Wednesday, June 17th.
CORN- Down 1
Corn futures were down for the second day in a row post-USDA report as the market still is digesting a 25 mln bushel larger carryout figure. It will be interesting to see where the G/E ratings come in on Monday afternoon with good heat seen across much of the Corn Belt. A firmer dollar has also kept pressure on corn this week as we are now 7 cents away from the recent low on the July contract. Export sales were reported at 19.5 mln bushels which was within trade expectations. Nearby resistance for July corn is seen at $3.6725 with support found at $3.485. Below is a look at the day chart for July corn.
A stronger dollar on Thursday pressured beans as they spent most of the day down double digits. Export sales released showed 6 mln bushels of new sales which was towards the higher end of trade expectations. Planting progress has progressed this week with favorable weather, we will see exactly how far in Monday’s crop progress report. Carryout was cut this week for both old and NC beans but we are still dealing with 330 mln and 475 mln bushels, respectively. Nearby support for July futures can be found at $9.205 with resistance found at $9.645.
WHEAT- Minneapolis Up 1, Kansas City Up 3
Wheat export sales were reported at 13.8 mln bushels, below the needed pace of 14.7 mln bushels needed weekly to reach the USDA forecast. Harvest continues in Oklahoma and Kansas with yields pretty variable but overall better than expected. Protein gathered so far from early harvest reports looks to be good. Nearby resistance for Minneapolis July futures is found at $5.88 with support at $5.58. Kansas City July futures look for resistance at $5.5375 with support found at $5.24.