Mar 6th 2012
Grain Marketing Specialist
Corn: 8 lower
The corn market just doesn't seem to want to break out as we seem to debate current stocks vs the impact of a large 12 acreage number. We will look to Friday's USDA's S&D report and the Mar 30th perspective planting report for more clarity. Technically 1 of my 3 indicators for both new and old crop have issued sell signals while the remaining 2 have yet too. I look for support for May corn at 6.26, resistance at 6.72 and 6.83. Dec corn support at 5.49 and resistance at 5.78.
Soybeans: 3 lower
Soybeans were on the defensive all day yesterday as the Nov failed to take out the $13 mark stopping short at 12.99 1/2. Export inspections at the lower end of expectations helped with the weakness. Currently the NC Soybean/Corn ratio is at 2.29 as producers debate which commodity will be more profitable for them in the upcoming season. Ultimately spring weather will have a big impact on large scale acre shifts but for now this will be the conversation. Technically only one indicator is in clear sell mode while the other 2 are starting to look a little top heavy but have yet to issue.
Wheat: Winter - 10 lower, Spring - 4 lower
Precip working into the forecast for wheat producing area's kept wheat mixed yesterday. Export inspections in line with expectations other than that not a lot of new news out there for the wheat market.