September 28, 2015
Matt Erickson
Grain Marketing Specialist

USDA Crop/Harvest progress report out this afternoon at 3pm

CORN- Up 1
The market seems to have found a short term bottom at $3.75 on December corn with harvest ramping up over much of the Eastern corn belt. Weather was excellent over the weekend as harvest progress is estimated to be between 16-20% complete nationwide in this afternoon’s report. The next major report is this Wednesday with the USDA quarterly stocks numbers. Corn carryout is estimated to be at 1.735bln bushels, up slightly from the last report on the 11th of September. Nearby support for December corn can be found at $3.75 with resistance found at $3.95. Below is a look at the day chart for December corn…

Harvest rolls on with good progress expected in this afternoon’s report. Yield reports thus far seem to be fairly good as the market continues to gather data as harvest progresses. Currently, the USDA has average yield at 47.1 bpa. Average trade guesses for Wednesday’s quarterly stock report are from 203-208 mln bushel. Managed money is short 46,000 contracts with large speculative funds short 79,000 contracts. This position has been trimmed over the past week. Nearby support for November futures can be found at $8.58 with resistance at $8.92.

WHEAT- Minneapolis Up 2, Kansas City Unchanged
World supplies are still ample and the trade is expecting the USDA to keep stocks around the same in this Wednesday’s quarterly stock report. In worlds news Russia and Ukraine are dry, which is causing some concern about future exportable supplies out of the region. Funds are now short an estimated 114k contracts, which is down from last week. Nearby support for Minneapolis futures can be found at $5.135 with resistance found at $5.2975 on the December contract. Nearby support for Kansas City futures can be found at $4.895 with nearby resistance at $5.1525 on the December contract.