Grain Marketing Specialist
Corn: As of 7:45-2 higher
A wetter forecast for the Midwest looking to slow planting pace helped keep the momentum higher yesterday along with spillover strength for the soy complex. Not sure if this news will give this market legs or not as its awful early to be talking delays and with the ability for the US farmer to plant awfully quickly but for now we will sure take it…. Weekly ethanol production dropped below 1.0 million bpd to 986k which is still higher than last yr. Technically momentum looks to have turned higher with resistance at 3.71K and 3.74K (61.8% retracement). Export sales at 738 for 16/17 and 50 for 17/18. This fell below the expectation of 900-1400.
Soybeans: As of 7:45- 7-8 higher
A higher meal and oil market seemed to be the catalyst for yesterday’s move higher along with some technical buying. Momentum seems to have shifted higher for the time being as we wait for those planters to start rolling. Corn bean ratio has dropped from as high as 2.7 down to 2.44. Export sales at 402.3 for 16/17 and 124.7 for 17/18 which was on the low end of the expected 550-950.
Wheat: As of 7:45- mixed MW 3 higher, KC steady
Slower planting pace and a wetter forecast seemed give spur some buying interest yesterday. Spillover strength from row crop as well. Drier weather in eastern Europe has caught some attention as well. Export sales at 421.6 for 16/17 and 125.3 for 17/18. This fell in the middle of expectations of 300-700.