Sep 21st 2012
Grain Marketing Specialist
Corn: As of 7:30- 4 higher
Disappointing export sales and spillover weakness from the soy complex helped push corn lower yesterday. Informa to reestimate acreage mid morning. Harvest to continue to hold back significant rallies.Technical indicators remain weak with support at 7.17.
Soybeans: As of 7:30- 4 higher
Better than expected export sales wasn’t enough to safe the bulls yesterday as continued talk of better than expected yields pressure the soy complex lower. Technical indicators remain bearish with support at 15.81. Look for continued pressure as long as yield reports remain better than expected and harvest pace stays brisk. Support at 15.81 and 15.17.
Wheat: As of 7:30- Winter- 8 higher, Spring -10 higher
Wheat seemed to be the diamond in the rough yesterday closing just 1-2 lower and traded in positive territory part of the day. Exports sales numbers and continued concerns about the Australian crop kept wheat from following row crops lower. Technical indicators giving no clear direction as we continue to be range bound.