Grain Marketing Specialist
Corn: As of 7:45- 1 lower
Corn traded in a narrow 2 1/2c range yesterday as it was held higher once again on a firm soybean market and fears of the Brazilian Safrinha crop size. Right now, US corn continues to relative in the global market but does that continue if prices continue to rise?? US dollar index relatively steady overnight. Resistance at 3.69H with support at 3.60.
Soybeans: As of 7:45- 2 lower
Soybeans posting double digits gains again yesterday as we continue to trade SA crop concerns. 6-10-day forecast shows some normalish precip for troubled areas of Argentina but more moisture potentially slowing Brazilian harvest. Could growing US and Brazilian stocks ultimately offset losses in Argentina??
Wheat: As of 7:45- Winter 3 lower, Spring 1 lower
The wheat market getting whipped around by drought in the southern plains impacting HRW and the talk of an increase in HRS acres in the north. Weather forecast does look to have moisture in the mix for much of the drought stricken areas.