Grain Marketing Specialist
Corn: As of 7:45- 1 higher
Corn continued its range bound trade again yesterday and into this morning. South Korea did buy corn but it was from the Black Sea area as US corn is not yet competitive enough in the world market for that business. Other than that news was very light. Technically have a slight bullish bias but really no clear direction.
Soybeans: As of 7:45- 3 higher
The announcement of a Chinese purchase of 176,000 MT for 14/15 wasn’t enough to get this market excited yesterday. Traders will continue to watch SA weather closely as we work ever so close to harvest there. Technically there is no clear direction as displayed in the chart below as doji’s see to be the theme.
Wheat: As of 7:45- 2-3 higher
Tensions resurfacing again in Ukraine and some rumblings of concern about Texas HRW wasn’t enough to keep this market in the black yesterday. News is light and the trade knows while the HRW crop is far from made we will likely kill this off at least a ½ dozen more times before it’s all said and done.