November 16, 2016
Drew Johnson
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.

Wheat: steady

The rise in the US Dollar continues to limit wheat potential. Overall sentiment is bearish nationally and globally.