Dec 14th 2012
Grain Marketing Specialist
Corn: As of 7:30- 1 higher
Corn experiencing another lack luster week of export sales yesterday. . It looks like the bulls are going to have to hold on to the Jan 11th report for some fresh news. The market looked to test support at 7.10 early in session before settling at 7.20H. If we close below that level it could open us up to another sizable leg lower.
Soybeans: As of 7:30- 15 higher
Soybean weekly export sales yesterday far exceeding expectations and posting the largest week in this marketing year. Soybeans trading as much as 17 higher before settling just a modest 3 higher with spillover weakness from outside markets limiting gains. NOPA crush out this morning at 157.308 vs expectations of around 157, this is up from Oct’s of 153.5. Technically all three of my indicators remain bullish with support at 14.67 and resistance at 15.00 and 15.30.
Wheat: As of 7:30- Winter 4 higher /Spring 5 higher
Wheat experienced a two side trade yesterday on a little better export sales numbers. Could the break in wheat market start to make us more competitive on the global market? Still needing moisture over the bulk of wheat country with some moderate moisture forecasted for this weekend.