Morning Bullet Points - 09/27/2017



  • Markets trading lower overnight in another quiet trade.
  • Harvest reports continuing to flow in better than expected, but below a year ago.
  • EPA head Pruitt asked yesterday about reducing biodiesel requirements, which put pressure on the soy oil market.
  • China sold 23,700 MT of corn out of 184,000 MT offered from state reserves.
  • US Dollar index has firmed to the highest levels since early August with odds increasing of a rate hike.
  • Corn technically bumping into support this morning at 3.50 with the market failing to push through the 20 DMA again yesterday.  The trend is lower.
  • Soybeans technically testing support at the 20 DMA with resistance above the market near 9.80.  The market is range-bound.
  • Wheat technically looks to have put in a low with the near-term trend higher.  Support at 4.40 and resistance at 4.60.
  • USDA reported 132,000 MT of soybeans to China for 2017/18.


  • Brazil still seen catching rains this week to help with moisture ahead of planting.
  • Argentina catching rains as they could use some dry time.
  • Rains hit the WCB in the 6-10 and 11-15 periods, which will slow harvest.


  • Not much new news today with strong corn yields continuing to come in.  The trend is lower until it is not, and yields so far would suggest that we could continue to grind lower.  Until some of the carry starts to come out of the market, expect rallies to fail.
  • Soybeans have pulled back to test support.  The market is range-bound, but there could be some harvest pressure as beans are likely to be sold across the scales during harvest.  The flip side is that there are some early concerns in South America, which could keep the beans in their current range-trade.
  • Wheat continues to outperform corn/beans as they don’t have harvest to deal with at the moment.  The charts are pointing higher, but soybeans/corn will probably weigh.  Look to buy wheat on pullbacks and own wheat versus shorts in corn/beans.


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