Oct 29th 2012
Grain Marketing Specialist
Corn: As of 7:30- 3 higher
Corn losing 24 cents last week as US corn remains uncompetitive in the world market as shown in the weekly export sale reporting at a dismal 142 Thursday. Negative macros also feeding the move lower. Technical’s giving us no real sense of direction as we continue to be range bound with resistance at 7.76 and support at 7.32. Production will also continue to be debated as we move into the Nov s/d report.
Soybeans: As of 7:30- 14 lower
Soybeans lower on Friday due to negative macros but still ending the week 27 cents higher on strong export demand. We will continue to monitor S.A. weather as beneficial rains look to fall over some needed areas. Trade will look forward to any changes in USDA Nov s/d report. As we slept we seem to have carried through weakness from Friday with technical indicators giving us no real sense of direction. Support at 15.18 and resistance at 15.82.
Wheat: As of 7:30- Winter- 5 higher, Spring -6 higher
Wheat continues to trade midway in the range that we have seen since mid July. We are seeing US wheat become competitive in the global market as the troubles from the Black Sea area and Australia narrows the origin options. My technical indicators are bullish right now both KC and Minneapolis wheat.