January 18, 2016
Grain Marketing Specialist
No Markets today due to observance of Martin Luther King day. Will resume at 7:00pm tonight.
Last week we saw mixed trading as the market tried to digest the report numbers from Tuesdays report. US $ remains strong and crude keeps dropping.. Farmer selling is still remains light. No “new” news on SA weather, its either good or bad. All depends on your position. On Friday we did close strong at 3.63 just above the 20day MA @ 3.60. Below is a retracement back to our October high of 4.10. With no markets, it’s a good time to look at some pricing points and get some targets working.
On Friday’s session March beans found support near 8.72 to 8.73 which is in range of both 20 and 50-day MA. SA weather remains wet and dry. Bean market did struggle due to dip in meal market. Below is retracement back to Oct high of 9.29. Time to look at some target for beans in the bin…
Wheat traded higher on all three market last session. More than likely supportive from a weaker $ and a follower of corn. News still bearish for wheat and farmer movement is still slow. World balance sheet is still full of wheat.