April 6, 2016
Grain Marketing Specialist
Corn: steady – 1 lower
Corn traded stronger in the overnight on short term buying interest, but is losing momentum this morning. Overall trend is still bearish as large old crop supplies continue to pressure the market, and we could see a reversal lower if futures close down today. Resistance at $3.57 May futures and $3.70 December futures.
Soybeans: 2 lower
Soybeans continue to edge lower on commercial selling. Overall trend is still bullish, but with weather forecast turning wet, and lower corn prices, traders are contemplating if producers will switch some acres from corn to soybeans. Support at $9.00 May futures, and $9.15 November futures.
Wheat: 6 – 8 lower
Yesterday’s Crop Progress Report showed overall winter wheat at 59% good to excellent compared to the 55% rating from last November. Weather forecasts, for the next week or so, show good chances for precipitation in the Plains.