June 28th 2012
Grain Marketing Specialist
Some modest moisture has moved into the forecast for northern parts of the eastern corn belt. But will it be too little too late?
Corn: As of 7:20- 11 higher
The focus today will likely be positioning ahead of tomorrow's report. Average trade acreage estimate is at 95.9 unchanged from the March intention report. From a technical perspective for Dec corn I look for support at the bottom of the gap at 5.94, resistance at 6.57 and the contract high of 6.74. Likely tomorrow’s report will trump any technical analysis in the short term.
Soybeans: As of 7:20- 4 higher
Again we look to position for tomorrow. Average trade acreage estimate is at 75.4 up 1.5 from the March intention report. The increase is largely attributed to an increase in double crop acres. Technically we appear to have lost momentum over the last few sessions but like corn, we look to the report to give us new direction. I look for resistance at 14.56 and support at the bottom of the gap 13.90.
Wheat: As of 7:30- winter wheat 2 lower, spring wheat 2 higher
Stats Canada estimated Canadian all wheat at 23.8 yesterday vs March estimates of 23.3. Average trade estimate for tomorrow’s USDA all wheat acreage report is 56.3, up from March intentions of 55.9. Technically all three of my indicators remain bullish for both KC and Mn wheat .