Oct 28, 2016
Grain Marketing Specialist
Corn: Down 2-3
Corn was slightly mixed yesterday as we saw all contracts trade in the negative early on. It didn’t take long for them to follow beans up and spent most of the day positive, closing up around 3 ½ cents. That momentum didn’t last into the overnight as we were down a penny on most contracts. With lack of any “new” news and a good weather outlook for the weekend for Harvest. We should be around 75% harvested by Sunday. With the market bouncing around were are currently seeing resistance on Dec corn around $3.60Z.
Soybeans: 2-3 Higher
More of the same when it comes to bean complex. Meal pushed beans higher while oil suffered a 61 point lose. On the overnight session we were mixed as Meal was negative pulling beans down with it. We did see some decent sales yesterday as 396k tons to China and 129k tones to unknown. Resistance seems to be around $10.30 for Jan contract. So far we have not been able to push through that level.
Wheat market was nothing to exciting with both Minny and KC unchanged and Chicago was up 3. Overnight was about the same with KC and Chicago down 1 and Minny holding in positive territory. There is still weather concerns for France and the Ukraine and Canada is still trying to get the last of their crop out of the field. Wheat exports were decent for the week but with the dollar performing decent it kept US fairly uncompetitive.