July 18th 2012
Grain Marketing Specialist
Corn: As of 7:30- 5-6 lower
Corn market stabilizing after attempting the $8 level yesterday as trade debates US production. 6-10 day forecast showing some relief for parts of the western corn belt but generally remaining hot and dry. All three of my indicators remain bullish with the first obvious resistance at $8. If we break lower I look for support at 7.49 and 6.76 CZ2.
Soybeans: As of 7:30- 6 lower
Nov soybeans putting in yet another new contract high yesterday before settling unchanged for the day. All three of my indictors remain bullish but may appear to be seeing some diverging momentum as we have consolidated the last 3 sessions. If we do break lower I look for support at 15.61 and 14.78 SX2- the bottom of 2 of the gaps we left on the way up
Wheat: As of 7:30- Winter 10 lower, Spring 5 lower
Wheat still being supported by row crops and production concerns in Australia and Europe. Minneapolis wheat traded through the $10 mark for the first time in over a year before retreating late in the session. Spring wheat harvest is progressing nicely through South Dakota.