- Markets finishing the night session higher with an across the board price bump seen when the weekly export sales report came out.
- Wheat sales came in at 657,100 MT (250-500 expected), corn sales 1,712,000 MT (900-1,300), soybeans 870,700 MT (600-1,000)
- Very strong corn and wheat sales with Japan, Philippines, and Mexico the best buyers of wheat. Mexico was by far the best buyer of corn. China cancelled a cargo of beans. Argentina was a buyer 96,100 MT of which roughly 50,000 MT were new sales while the rest had previously been reported as unknown.
- Iraq bought 100,000 MT of wheat Wednesday.
- Corn technically traded to a new high for the recent move yesterday before pulling back. The market is overbought and bumping into resistance near 3.65. Support below the market at 3.60 and 3.55.
- Soybeans technically pulled back from highs yesterday, but are approaching the recent high again this morning. The market is overbought with support at 8.30 and resistance 8.80.
- Wheat technically pulled back yesterday, pushing through support at the 20 DMA. Long-term trend that started last winter is still in place.
- The outlook remains wet for much of the Midwest as growers start to brace for a drawn-out harvest.
- Brazilian growing areas are catching enough rain to get early crops established.
- Corn pulled back from highs yesterday as the market had seen a good push to the upside in a short amount of time. We saw the supportive news in the export report this morning, but we are in the middle of a record harvest, which would typically mean we see some harvest pressure. Look for the market to pullback as it has absorbed a lot of new sellers, but I want to be a buyer on any 5-10 cent pull-backs.
- Soybeans continue to trade within the bottom end of the range. No new news on the trade front for now. Yields are big and supplies are more than adequate. Look for beans to continue to be the weak leg of the complex moving forward.
- Wheat traded lower overnight but caught a bid after exports came out. Technically, the market is still in the uptrend from last winter, and fundamentals are not turning negative yet. Look for pullbacks to be supported.
Fun Fact of the Day: It takes roughly 40 gallons of sap to make 1 gallon of maple syrup.