December 20, 2017
Grain Marketing Specialist
There is not much to say about corn that hasn’t already been said. Large US supplies, slow exports and good South American crops continue to pressure the corn markets. Ethanol numbers will be released this morning. The stochastics chart remains in an oversold position. Support is at $3.46 March corn. Dec corn did manage to close fractionally higher, yesterday, thus setting off a short-term up signal. Resistance is at $3.83 then $3.85.
Soybeans: 3 higher
Traders continue to watch weather forecast for South America. We have now reached a low of $9.53 Jan futures. The last time January SB’s were this low was on the 1st of September. We are seeing some buying interest this morning, but we need to see this thing rally about twenty cents just to get back into the sideways trend we were experiencing during harvest. Resistance is at $9.60 for the January futures.
Wheat: 1 lower
Some rain is forecasted to help some of the southern winter wheat areas, but little to no snow cover, in the other parts, coupled forecasts for cool temps have traders concerned. That news, however, seems to be wearing off as we approach the Christmas holiday.