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9-16 Opening Update:

ByGrain Market Insider

Grain Market Insider Interactive Quote Board

  • Corn is trading higher this morning after futures saw some weakness yesterday. December futures are trading right at the 100-day average and need to close above it. December corn is up 3-1/4 cents to $4.26-1/2 and March is up 3 cents to $4.44.
  • Yesterday’s Crop Progress report was slightly friendly with crop ratings for corn falling by one point from last week to 67% good to excellent. This compares to 65% a year ago. 85% of the crop is dented, 41% is mature, and 7% is harvested.
  • Yesterday’s export inspections report saw corn inspections better than expected at 1,512k tons which compared to 1,443k last week and 569k a year ago. Top destinations were to Mexico, Japan, and Colombia.

Corn Futures Extend Higher: December corn futures extended gains following the release of the September WASDE report. Prices broke through the 100-day moving average, but face further technical resistance at the July 7 price gap.

  • Soybeans are higher to start the day and have so far taken back all of yesterday’s losses and more. November soybeans are up 6 cents to $10.48-1/2 and March is up 6 cents to $10.82-1/2. October meal is down $0.30 to $284.90 and October bean oil is up 0.64 cents to 52.40 cents.
  • Yesterday’s Crop Progress report saw soybean crop conditions fall by one point to 63% good to excellent which compared to 64% a year ago. 41% of the crop has dropped leaves and 7% is harvested.
  • Yesterday’s inspections were good for beans at 804k tons which compared to 468k last week and 474k a year ago. Top destinations were to Italy, Bangladesh, and Mexico.

Soybean Futures Press Higher: Soybean futures closed sharply higher following the release of the September WASDE report, breaking through the 100-day moving average. The next point of technical resistance can be found near $10.60, an area that has capped rallies since late June.

  • Wheat is trading higher to start the day with December Chicago wheat up 3-1/2 cents to $5.28-1/2 while December KC wheat is up 3-1/4 cents to $5.17-1/4.
  • Yesterday’s Crop Progress report saw that the spring wheat harvest is now 94% complete which is ahead of the 5-year average of 92%. Winter wheat is 11% harvested which compares to the 5-year average of 13% at this time.
  • Yesterday’s export inspections were above expectations for wheat at 755k tons which compared to 429k last week and 590k a year ago. Top destinations were to Mexico, Indonesia, and the Korean Republic.

Chicago Wheat Range Bound: Wheat futures have remained relatively rangebound between 515 and 534 following the August low and contract rollover. The first point of technical resistance is near 530 at the 50-day moving average.

KC Wheat Trends Sideways, Tests Lows: June’s rally briefly tested April highs near 580 before fading into month-end. The pullback left futures trading below the 50-day moving average, now key resistance on any rebound. Support is firm at the recent lows near 505, with secondary support at the May low around 500.

Spring Wheat Tests Support: Futures remain rangebound as harvest advances, holding early August lows near 570 support. On the upside, strong resistance sits just above 600 at clustered moving averages, with a secondary target near 650 if momentum builds.

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