Grain Marketing Specialist
Corn: As of 7:45- 2 higher
Month end profit taking, fund activity, solid exports and a lack of hedge pressure noted as the cause of yesterday’s recovery after putting new lows in overnight. Coincidently last yr.’s lows put in on Aug 31 as well. Can the same thing happen 2 yr.’s in a row? Technically we have turned momentum indicators with resistance at 3.72 and 3.89 CZ7 with support at contract lows of 3.44.
Soybeans: As of 7:45- 5 higher
Spill over strength from the corn market along with much of same causes as well. Good export sales and month end profit taking spurred fund activity. Production estimates continue to rise as no real weather concerns threaten crop development as we approach the finish line. With the exception of cool temp rumbling of early frost that doesn’t seem to catch much traction.
Wheat: As of 7:45- 3 to 4 higher
Spring wheat premium to Winter coming to work out of the market again yesterday as harvest/hedge pressure holding MW down while oversold conditions propping KW up yesterday. Yield reports for spring wheat continue to be reported as better than expected with varying protein as we approach the harvest finish line.