December 5, 2014
Grain Marketing Specialist
Corn: 2-5 Lower
Corn had a decent day yesterday as the US dollar struggled along with solid weekly export numbers. But corn could not maintain the momentum into the overnight with little “fresh” news added with continue spec selling will hold corn down. The March contract seems it’s been a sideways market with resistance at around 3.92 and support around 3.80
Soybeans: 3-5 Lower
With support from meal and a good weekly export number, soybeans had a decent day with most contract close up double digits. We saw both sides on the overnight as most contracts still hover around $10. Beans and its products will still digest the Canada’s canola production number, which put Soy oil under pressure.
Wheat: 2-7 Lower
Wheat went on the defensive after Stats Can released Canada’s wheat numbers but were pulled off their lows with support from corn and beans and a weaker $. The news of Russia have possible restrictions on exports have almost been put to rest and weather has improved in both Russia and the Ukraine