Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Up 1
Overnight corn traded in 1 ½ cent range. Resistance of December $3.50 futures and support at the contract low of $3.42 ½. China’s ethanol policy will increase demand for corn and ethanol. Many traders expecting USDA to raise yield on next Thursday’s November 9 report. Spec funds are estimated short 229k and not expected to cover any time soon with bearish outlook.
Beans as of 7:45: Up 1
January beans overnight traded in a 4 ¾ cent range. January beans 200 day moving average support lies at $9.81 ½ and trendline support at $9.83 ¼. Argentine government officials are scheduled to meet Commerce Department representatives in Washington to resume negotiations that may lead to the suspension of preliminary duties on U.S. imports of Argentine biodiesel.
Wheat as of 7:45: KW Down 1 MW Down 1
Northern Plains wheat would be at risk to colder temps with limited snow cover .China Signs Protocol to Allow Wheat Imports From Russia. Rabobank Cuts Australia Winter Wheat Crop Forecast to 20.9M Tons. Australia’s total winter grain harvest in 2017-18 likely to be 35 million tons, down 41% from 2016-17 and well below the 5-year average, following sustained dry weather conditions.