- Markets trading small gains in a quiet overnight trade……seems to be a trend?
- Export sales this morning for wheat 347,800 MT (250-450 expected), corn 891,500 MT (800-1,200), soybeans 1,967,000 MT (1450-1850).
- FC Stone estimated national corn yield at 173.7 bpa and soybeans 49.9 bpa. Informa Economics out at 10:30 am CST today with their estimates on yield and production.
- Another solid week for the soybeans with the market closing the gap on the lag.
- Cash corn markets stable with soybeans still under some pressure at low levels.
- Corn technically still range-bound with resistance in the mid-3.50’s and support in the mid-3.40’s
- Soybeans technically remain in their up-channel with support holding this week. Support at 9.80 and resistance at 10.00 and 10.30.
- Wheat technically at the bottom of its range with support at 4.00 and resistance 4.20.
- USDA reported 845,800 MT of corn to Mexico for 2017/18.
- USDA reported 510,500 MT of corn to Mexico for 2018/19.
- Brazil rains ease in the next couple of days but return next week.
- Argentina is wetter than ideal, but still not a major problem.
- US gets wet across ND and MN as we head into the weekend, but most areas are dry.
- Corn is still range-bound. The Mexico sale is supportive, but probably nothing to push it out of this range on its own fundamentals.
- Soybeans held the support that they needed to hold. US yields are likely headed lower on future USDA reports, so look for the market to grind higher/put in some risk premium going into the key part of the SA growing season.
- Wheat still does not have much going for it, so look for it to struggle unless corn/soybeans are able to pull it higher.