Grain Marketing Specialist
Corn: As of 7:45- steady
Corn firmed again yesterday with a little help from outside markets. Crude oil settled over $30 and $ slightly softened. Some talk of vessel line ups in SA. Wait times seen as up to as much as 40 days. Also talk of Chinese releasing corn reserves likely for ethanol use. Technically I see resistance remaining at 3.68 and 3.73 with support at recent lows of 3.58.
Soybeans: As of 7:45- 3 lower
Soybeans posted modest gains as there is concerns about potential shipping delays as we move closer into harvest. SA weather remains mostly favorable for development and harvest progress. The market will anxiously await USDA baseline acre estimates coming up as well. Resistance remains at 8.89.
Wheat: As of 7:45- steady
The wheat market firmed again yesterday on what appeared to be spillover support from row crops. There is still talk of the ergot issue with Egypt and how that will affect movement. Still lingering over this market is the fact that the world and in particular US have ample stocks. Trade overnight was quiet with just a 2-3 cent range across the complex.