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9-18 Opening Update: Corn and Soybeans Slightly Lower, Wheat Higher

ByGrain Market Insider

Grain Market Insider Interactive Quote Board

  • Corn futures are trading unchanged to slightly lower this morning with futures just a hair above the 100-day moving average. December is unchanged at $4.26-3/4 and March is down 1/4 cent at $4.44-1/4.
  • Rains are forecast west of the Mississippi this week—likely slowing harvest but providing relief to falling river levels after recent dryness. Crop ratings fell by one point this week.
  • Estimates for today’s export sales report see corn sales in a range between 600k and 1,90k tons with an average guess of 1,067k tons. This would compare to 540k a week ago and 847k a year ago.

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 lower this morning following yesterday’s 6 cent loss with concerns over a Chinese trade deal. November is down 3-1/2 cents to $10.40-1/4 and March is down 3-1/4 to$10.74-3/4. October soybean meal is down $1.40 to $282.50 and October bean oil is down 0.21 cents to 51.03 cents.
  • The EPA on Tuesday issued a co-proposal to reallocate either 50% or 100% of small refinery exemptions for 2023–25, while also revising RVOs for 2026–27. A higher reallocation means more soybean oil demand for biofuels. 
  • Estimates for today’s export sales report see bean sales between 400k and 1,500k tons with an average guess of 808k tons. This would compare to 541k a week ago and 1,757k a year ago.

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 and has been in an upward trend following the contract low on September 11. December Chicago wheat is up 3-3/4 cents to $5.32 and December KC wheat is up 2-1/2 cents to $5.18-1/2.
  • Estimates for today’s export sales report see wheat sales in a range between 300k and 650k tons with an average guess of 442k tons. This would compare to 305k a week ago and 258k a year ago.
  • A Federal Reserve rate cut is expected in today’s meeting. If realized a cut could provide pressure to the U.S. dollar which has already been trending downward. 

Chicago Wheat Tests Resistance: Wheat futures broke through resistance at the 50-day moving average. Prices currently face strong technical resistance near 534 through the 100-day moving average.

KC Wheat Trends Sideways, Tests Lows: December KC wheat broke through its 50-day moving average in a strong fashion. The next area of technical resistance lies near 527, at the 100-day moving average.

Spring Wheat Tests Support: Futures remain rangebound as harvest advances, holding early August lows near 570 support. On the upside, the first point of strong resistance sits near 585 at the 50-day moving average. A second point can be found through a cluster of moving averages near 600.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

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