Grain Marketing Specialist
Corn: As of 7:45- 3 lower
Lower crop ratings and strength from the wheat market led to the surge in corn yesterday despite a firm US $. Some private analysts paring 2015 yield estimates as wet weather persists in the ECB. Awaiting June 30th acreage report. 6-10 day forecast calling for additional rainfall. Technically we pushed through the 3.61N market that gave us trouble last week with the next level of resistance at 3.69 and 3.83.
Soybeans: As of 7:45- 5-6 lower
Soybean mixed yesterday as a softer meal market and a firm US $ tried to put pressure on but ideas of unplanted acres loom giving support. Acreage estimates range from 84.8 to 86 for the June 30th report. As of Monday night still roughly 8 million acres unplanted…. 6-10 forecast still calling for above average moisture for the trouble areas. Technically Nov ran right up against the April 30th high of 9.68 before setting back. I have resistance at 9.68 and 9.94 respectively for the Nov.
Wheat: As of 7:45- 3 lower
The Canadian wheat crop rating decline to 50.33% fair/poor helped fuel the wheat price recovery yesterday. HRW harvest progresses not seeing the huge quality issues that many anticipated to this point. Like everything else in the area the SRW crop seeing too much water…