Nov 12th 2014
Grain Marketing Specialist
Corn: As of 7:45- 3 higher
Worries about weather delaying the last 20% of harvest, spill over strength from the soy and meal markets along with fund activity have trading towards the top end of the range we have seem recently. Rain delays have Brazil behind planting pace as well. We still remain in the same range we have seem with support at 3.59 and resistance at 3.81.
Soybeans: As of 7:45- 13 higher
Just can’t seem to keep this market down… A firm meal market, worries about slow planting pace in SA and fund activity helped push this market to the highest levels we have seen since Aug. 10% of the US crop still unharvested still a concern as well. Technically we took out the 10.59 level that seemed to give us some trouble; my next levels of resistance for Jan are 10.98 and 11.42.
Wheat: As of 7:45- 8 higher
Spillover strength from row crops and the lowering of DNS from Mondays report had MGEx leading the wheat complex higher, outside of that not a lot of new news out there. Technically all three of my indicators are now bullish both spring and winter wheat for the moment.