Grain Marketing Specialist
Corn: As of 7:45-7 lower
The corn market remains rangebound as the market digests production estimates. Most expecting a slight decrease in ratings but a little surprised to see a national increase of 1% g/e to 68%. Notable decreases in the west with SD down 4%. Most others steady to slightly higher. EPA announced proposed amounts of corn based ethanol for 2018 unchanged from 17. Dec corn min- max’s looking attractive again. Contact your WG’s grain marketing specialist for details.
Soybeans: As of 7:45-5 lower
Crop conditions in line with expectations declining 2% to a national rating of 64% g/e right in line with the 5 yr. ave. Notable declines in the Dakota’s and Minnesota. May crush at 157.3 mb. This market still has ample SA supplies hanging over its head. Technically my indicators have yet to flip momentum. Nov resistance at recent highs of 9.97 and support filling the gap at 9.58.
Wheat: As of 7:45- spring 30 lower, winter 23 lower
We experienced quite a ride yesterday, particularly for MWU. At 94c range before settling 3-4 higher. This market looks to remain thin and volatile. High prices can cure high prices as struggles to compete for export business. Egypt bought Russian and Romanian wheat yesterday. Crop ratings for HRW dropping 1% g/e to 48%, spring wheat dropping 3% to 37%.