November 15, 2016
Grain Marketing Specialist
Corn: 1 higher
Corn continues to hold support around $3.37. Harvest progress reported at 93% complete. This is up 1% from the 5-year average. Export Inspections, reported yesterday, were at 24.3 million bushels. Technically we are moving into an oversold position on the stochastics chart. This may suggest the market will make a bullish move, but for now we continue to see a sideways, to lower trade.
Export inspections were reported at 102.3 million bushels. USDA reported a sale of 11.9 million bushels to China. 4.85 million bushels were sold to unknown. This was very bullish report, but we continue to see soybeans struggle as it competes against the US dollar. Harvest progress, was reported at 97%. This was 2% higher than the 5-year average. Soybeans are holding support around $9.75 Jan futures.
Wheat: 2 higher
Weekly export inspections, reported yesterday, were at 7 million bushels. Winter wheat’s good to excellent rating improved by 1% last week to 59%. That’s about it as wheat continues its sideways to lower trend.