Corn, soybeans, wheat eye Thursday ag report

Grain & OIlseeds Report

Corn: While the Delta is wet and has a forecast for more rain, it is far too early to talk delays for planting in the Midwest. There will be greater concern for Delta planting soon, but for the Midwest it will still be some time.

Bulls have full control over the technicals with corn still grinding higher. May corn is close to last week’s high of 734-1/2 and then has next resistance of 747-1/2. December corn looks even better by taking out last week’s highs already with next chart resistance at 596-1/2.

Monday’s buying was certainly a larger push higher than expected ahead of such major reports. Thursday will still mean everything to how corn ends up trading for the week…Ryan Ettner
Soybeans: It was announced that Monsanto expects to roll out a new worm-resistant GMO soybean for sale to Brazilian producers next fall. The Intacta RR2 Pro was developed specially for Brazilian conditions. They expect China to approve the soybean in the coming months.

As for this year’s crop, Safras e Mercado reported that 64% of the Brazilian bean harvest is complete vs. 58% a week ago, and 63% a year ago,. The five-year average is that 52%  of the crop is in the bin. Soybean inspections came in at 18.458 million bushels, which was up from last week’s disappointing 10.012 million bushels.

We look for the bean market to chop the next few days as the market awaits Thursdays report…Jim McCormick
Wheat: Trade is expecting prospective planting to see 56.442 million acres for total wheat planting 41.816 million acres of winter wheat, 12.459 million acres of spring wheat and 2.117 million acres of durum wheat. These numbers are slightly bearish when compared to the amount we planted last year, but we are not seeing a huge shift in acres to or from wheat.

Currently, the forecast continues to remain moist for a large portion of the plains and we need to see good moisture to help the wheat crop that is going to be moving out of dormancy in the next few weeks. Continue to watch weather forecasts moving forward…Cordon Sroka  

About the Author

Ryan Ettner is a registered commodities broker and grains analyst at Allendale, Inc. Steve Georgy is a Sr. Broker/Manager at Allendale, Inc. Jim McCormick is Senior Broker/Manager at Allendale, Inc. Allendale is registered with the CFTC and NFA and is a member of the NIBA.

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