April 27th 2012
Grain Marketing Specialist
Corn: old crop 5 higher, new crop 2 higher
Old crop/new crop spreading was noted yesterday as export sales reported on the high end of expectations competed against fast planting progress. Rumors of more Chinese business also surfaced. Recent business to unknown or otherwise will most likely not be reflected until next week. All three of my technical indicators are bullish old crop corn while new crop are still looking for direction. Look for support for Dec corn at 5.25 with resistance at 5.56.
Soybeans: old crop 11 higher, new crop 7 higher
Old crop soybeans hanging in there as spreading were also prevalent in soybean market yesterday. During the night session we had new highs in the May contract as July fell a little short of the 14.96 3/4 high at 14.93 ¼, Nov struggles to keep pace. As South American production estimates keep coming in that crop looks to continue to get smaller. All three of my indicators are bullish old crop while 2 of three are bullish new crop.
Wheat: 2 higher
KC and Chicago wheat gaining on Minneapolis as fast planting pace holds back the spring wheat market and frost concerns over the weekend for some HRW and SRW areas add premium to those markets. Technically all three of my indicators are bullish KC and all three are bearish Minneapolis.
The information contained above was taken from sources which Wheat Growers believe to be reliable, but is not guaranteed by Wheat Growers as to accuracy or completeness and is made available for information purposes only. There is a risk of loss when trading commodity futures and options.