July 18, 2014
Grain Marketing Specialist
Crop Progress/Condition report Monday afternoon
CORN – Down 1
Export sales were strong on Thursday at 22.6 mln bushels which was ahead of the 7.8 mln bushels needed weekly to reach the USDA estimate. Funds were net buyers in the trading session yesterday adding 1,000 contracts to their existing 6,000 contract long position. We had what looks to be a strong technical close on Thursday with higher highs and higher lows in both September and December contracts. We also had our second positive gains day in a row, which hasn’t been seen since June 27th. News of a Malaysian commercial airliner shot down near the Russia/Ukraine boarder added more bullish sentiment to the market on Thursday. Nearby resistance for September futures remains at $4.00 with a gap from $4.06-$4.10.
SOYBEANS – Up 6
Weekly export sales were pegged at 1.4 mln bushels, which was ahead of the negative 2.2 mln bushels needed weekly to hit the USDA forecast. The USDA also released reports of an addition sale of 708tmt sold to China for the 2014-2015 marketing year. Beans are nationally seen at 41% blooming in Monday’s report with heat developing over much of the growing area this weekend into next week. Bean ratings are still holding above 70% with another crop progress report on Monday night. November beans traded through but settled below nearby resistance at $11.08 futures while support remains at $10.65. August beans continue to lose ground on new crop with nearby support shown at $11.53.
WHEAT – Kansas City Down 1, Minneapolis unchanged
Export sales were smaller than anticipated this week coming in at 11.8 mln bushels. We are starting to hear more reports of winter wheat harvest moving into South Dakota. Results so far have shown good test weights and proteins coming in higher than normal. Early reports from Canada say they may have lost up to 2 mln acres of wheat due to wet conditions during late spring. The next Stats Canada report will be released on August 21st. Nearby resistance shown at $6.72 for Minneapolis Sept futures with resistance at $6.85 for Kansas City Sept futures. Below is a look at the day chart for Minneapolis Sept futures.