November 3rd, 2014
Grain Marketing Specialist
As of 8:00am 4 lower
The corn market is softer this morning as harvest continues. Corn, last week, managed to get to August highs around 3.81 Dec futures. Weekly crop progress reports are expected to come in at around 60% harvested. Bumper crops and decent demand will keep this market at bay. Take advantage of the rally if you need to make sales! Resistance is at 3.81 Dec futures. Strong support is around 3.50 Dec futures.
As of 8:00am 10 lower
Soybeans leading the market, as a whole, lower this morning. Chart resistance was hit on Friday around 10.50 Jan futures. Weather, in South America, is viewed as favorable for planting. Take advantage of this rally. Rising US carryout, potential for another record bean crop in South America, and slow Chinese economic growth will keep pressure on soybeans going into the next year. Resistance is at 10.50 Jan futures. Support is around 10.25 Jan futures.
As of 8:00am 2 - 3 lower
Wheat is lower this morning, because US wheat exports are not competitive with other big exporters around the world. Weekly crop progress reports should show winter wheat seeding almost complete, with good emergence. Weather forecasts, in the immediate winter wheat states, have good potential for moisture. With good crops and growing conditions around the world continue to expect pressure on the wheat markets.