October 28 2015
Grain Marketing Specialist
Corn: 2-3 Lower
Corn opened with a bang yesterday, but could not hold any gains and closed lower as we remain in a technical trade versus a fundamental. Support is around 3.75 and resistance is 3.80 ½. Exports and slow DDG demand has been a few causes of corn struggles. Crop insurance price discovery is nearing its end and as of now price stands at 3.838 below this spring’s price of 4.148
Soybeans: 1-2 Lower
Bean complex was higher yesterday as Brazil continues to deal with weather also exports have been picking up. We could not hold the gains on the overnight as we near first notice day for Nov beans. Jan support sits around 8.83 and resistance points are around 8.90 than 9.00.
Wheat: 3-5 Lower
Like corn, wheat market opened higher but could not hold the rally with KC and Mpls leading the way. We trailed lower in the overnight as well as we still have a 41.6% stocks to use ratio. Winter wheat has gotten a bump with some moisture in those grown areas.