Grain Marketing Specialist
Corn: As of 7:45- 3 lower
After putting new highs in yesterday (3.80H) we struggled the rest of the session closing 5 ¼ lower. Disappointing export and political unrest noted as possible causes of the softness. NC corn/bean ratio still hanging in at 2.57 suggesting a shift from corn to bean planting intentions. Technically momentum seems to broke lower with support at 3.63 and resistance at 3.80.
Soybeans: As of 7:45-8 lower
Solid export data wasn’t enough to limit the sell off yesterday. Export sales at 32.7 mbu feeding the idea that we remain competitive with Brazil. Talk about Mexico heading elsewhere to source soybeans in response to proposed boarder tax added to the downward pressure. Technically this market looks to have lost its positive momentum as well. Nov support at 10.07 with resistance at 10.34.
Wheat: As of 7:45- HRW 3 lower, HRS 4 higher
Follow through pressure from the row crops weigh heavy as the entire wheat complex sold off despite solid export sales data. 20.9 mbu exceeding expectations of 11-18. Overnight we appear to be mixed with Minneapolis gaining some back while KC and Chi softer.