November 16, 2016
Grain Marketing Specialist
Corn: 1 higher
Corn closed higher yesterday and turned the stochastics chart. This suggests that a short term uptrend is in front of us, if corn can push through the 100 day moving average, which is at $3.43 and a quarter. The overall sentiment is still bearish as there is a lot of corn out there. If prices move to a favorable level for farmers to sell, corn rallies will be limited. Ethanol numbers to be released today.
Soybean: 4 higher
Soybeans lifting higher on the October Crush Report and good export demand. The October Crush Report showed 164,641 million bushels of soybeans were crushed. This was up 3.6% from a year ago. Soybeans continue its overall sideways trend, with resistance around the $10 level. Coincidently that is also the level where the 20 day moving average is at.
The rise in the US Dollar continues to limit wheat potential. Overall sentiment is bearish nationally and globally.