The corn market is 2 to 3 cents lower today from two-sided overnight trade. We had the weekly export inspections at 676,819 metric tons which was not big enough to bring in amount of buyers needed. The ethanol margins were stable starting the week with the corn lower and ethanol flat to a little higher. I would expect the weekly crop progress to show steady to unchanged conditions, with maturity and harvest lagging slightly.
The December Corn chart shows support at $3.45. The 8-day average is at 3.54 and the 21-day average is sitting just above $3.58.
Dec ’17 Corn Daily Chart
The soybean trade is 2 to 6 cents higher today with stronger demand helping to lift the beans again after early weakness. The soymeal is $2 higher and the soybean oil is 15 to 25 points lower.
The South America market looks to remain mostly dry in the near term with major planting progress just around the corner. The weekly crop progress report should come in with mostly steady conditions and maturity / harvest progress close to normal. The weekly export inspections number was off at 928,575 metric tons, with 126,000 metric tons sold to unknown, and 261,000 metric tons sold to China.
The November Soybean chart shows support at $9.50. The 200-day average is at $9.68 and the 8-day average is sitting at $9.62.
Nov ’17 Soybean Daily Chart