December 22, 2017
Grain Marketing Specialist
The market closes today at 12 pm. Trading will resume on the 26th of December.
From all of us at Wheat Growers we wish you all safe travels, a very Merry Christmas!
Corn managed to close two cents higher at $3.51 futures, yesterday, and now has established a minor up trend on daily charts, as the daily Stochastics are above 20%. We need the corn market to close higher today to help with the long-term charts. There are still plenty of bearish reasons to keep corn from jumping too high, but it is Christmas time so maybe we will get a gift?
Soybeans: 3 higher
Soybeans finding some support this morning. Stochastics were in a very oversold position, yesterday, so one would have to wonder, how much lower could this go? We need the soybeans to get over $9.56’6 and we could get a reversal higher. Overall, fundamentally, we have plenty of bearish influences to keep the bean market from getting too wild. Support for Jan futures is at $9.46.
Wheat: MPLS – 3 higher. KC – steady
Both Kansas City and Minneapolis wheats are trading above their respective 20-day moving averages. Resistance for KC March wheat is at $4.25 futures, and Minneapolis is at $6.25 March futures. Cold temps and drought conditions continue to support wheat.