December 26th, 2013
Trade opens at 8:30 am.
Corn, 1 to 2 lower
Rains expected Sunday through Monday for South America with guesses for about 60 – 90% coverage. Trade is still watching overall dryness. China rejects 2,000 tons of US distillers grain over the GMO issue. More rejections could be on the way as China has now started testing all US shipments instead of selective. Resistance at $4.40, support at $4.20 futures.
Soybeans, 1 to 2 higher
With a positive close on Tuesday, we might see some carryover buying when trading opens this morning. Interesting note, if China continues to reject DDG’s this might open the door for US soybean meal. Resistance for March soybeans is at $13.37, support at $13.12 futures.
Wheat, 1 to 2 lower.
Wheat just seems to be heading lower. There is no real “price positive” news for the wheat. Wheat charts are heading lower, and until something changes, that’s the direction they will keep going.