Grain Marketing Specialist
Corn: As of 7:45- 3 higher
The corn market higher overnight being held higher, in large part, by a strength in the soybean complex. Export inspection this morning released at 10am cst. 44.7 mbu needed to keep pace, up from last week’s 34.5. Technically for the morning momentum appears to higher with resistance at 3.65H ( just about 3c higher) and support at 3.54.
Soybeans: As of 7:45- 14 higher
Continued rainfall in parts of Argentina leading to ideas of as much as a 4MMT decline in production. And so, it begins…. Helping add a little fuel to the fire is a truck strike in Brazil. Export inspections looking for 24.3 mbu needed to meet pace down from last week’s 53.5. SX7/CZ7 ratio at 2.63 this morning. How many acres in the US to favor soybeans? Technically momentum appears to be higher with SH7 approaching the recent high of 10.74H.
Wheat: As of 7:45- 1to 2 higher
Wheat unable to keep pace with row crops overnight as favorable weather for US HRW and the Black Sea area helps keep a lid on things. The latest round of export business being done out of Russia and Romania. Export inspections needing 18.8 mbu to keep pace up from last week’s 9.6.