Grain Marketing Specialist
Corn: As of 7:45- 2 higher
Lack of any substantial fundamental news and tight trading ranges seemed to be the theme for the corn market last week. WADE was out and showed to have just minor tweaks there and there appears to be no major threats to the South American crop. Technically this market looks like it may have found some support at 3.58 with resistance at 3.68 and 3.73. Funds remain short and if you are looking for some optimism to hold on to they may look to cover at some point giving some upward movement. I would suggest having orders in place to capitalize if they do.
Soybeans: As of 7:45 -5 higher
Chinese are back from holiday yesterday and with no CME trading many are watching to see what will happen today after being absent all last week. SA weather still has very little threatening the crop there. I have attached a map below. Technically we appear to be range bound with support at 8.59 and resistance at 8.89. As in corn funds are short so have your orders in place.
Wheat: As of 7:45- 1-3 higher
This market appears to be consolidating much like row crops as there is still adequate global and burdensome US stocks. Egypt was in tendering again last week after a series of cancelations and the business went to Romania. Minneapolis wheat looks support at 4.84 and resistance at 4.98