Grain Marketing Specialist
Corn: As of 7:45-4 higher
After the release of a relatively benign WADE report yesterday, corn traded mixed before firming into the close. Carryout pegged at 1.862bb. Fund short covering noted as a likely reason for the late session rally. Technically momentum seems to higher with support from the bean complex with resistance at 3.68 and 3.80K6.
Soybeans: As of 7:45- 8 higher
Little changes for the soybean balance sheet as well with ending stocks dropping to 445 due to the increase of exports. Beans surged into the close as well as ideas of wet conditions in Argentina putting harvest at risk. Technically this market looks strong for the time being with resistance at 9.58 and 9.84 Nov. We have had few opportunities this marketing season to execute sales at profitable levels. This may be an opportunity to do so….
Wheat: As of 7:45- 2-3 higher
Wheat appears to be along for the ride these last couple of sessions. Stocks to use ratio increased to a stout 50.1% so no real reason for this market to continue to move significantly higher. Scattered rains have fallen over parts of Oklahoma and Kansas with more in the forecast.