Nov 26th 2013
Grain Marketing Specialist
Corn: As of 7:00- 5 lower
Corn closing modestly higher on solid export inspections of 30.2mb and spill over strength from soybeans. Harvest is 95% complete ahead of the 5 yr ave of 91%. My guess is with harvest that far along this will be the last week we will need to talk about harvest progress. This morning we appear to be lower on lack of fresh news. Technically this is a market in search of direction with support at contract lows of 4.20H and resistance at 4.33 and 4.49 ½H.
Soybeans: As of 7:00- 4 lower
Just can’t seem to keep this market down. Solid export inspections of 66.9 mb and the announcement of 120tmt solid to unknown helped feed the fire. Brazilian planting estimated at 79% complete. Technically this market remains solid with support at 13.09F and resistance at 13.45F.
Wheat: As of 7:00- 2-3 lower
Wheat market kept in check with export inspections a little light at 12.6mb vs 15.7mb needed weekly to meet estimates. Australia is harvesting wheat with what sounds like as expected yields and mixed quality. Winter wheat crop rating 62% g/e down 1% from last week. Technically this market looks in need of a break out. Which way will it be with KC 6.94H low as support and Mn at 7.03 1/2H low.