Sep 19th 2012
Grain Marketing Specialist
Corn: As of 7:30- 7 higher
Improving yield reports as harvest moved north and continued fund liquidation from technical weakness again had corn on the defensive yesterday. Favorable weather forecast for harvesting. Fast harvest pace looks to limiting the ideas of harvest rallies. Technical’s remain weak and I continue to look for support around 7.17 the 38.2% retracement.
Soybeans: As of 7:30- 25 higher
Soybeans opening weaker yesterday, recovering around 10 o’clock, appearing to find footing only to circum to harvest pressure and fund liquidation for the second straight day. Many looking for soybeans to test the 38.2% retracement of 15.81 displayed below. It appears the lack of market carry will have producers selling any harvest rallies limiting gains.
Wheat: As of 7:30- Winter 13 high, Spring 11 higher
Wheat selling off yesterday following row crops. The recent set back in US wheat prices have not been followed lower globally making US wheat more competitive. Australian wheat crop estimated 20-23 with USDA at 26. KC and MN wheat still looking to break out of the range we have been in since the end of July.