Jan 2nd 2014
Grain Marketing Specialist
Corn: Called- 3 lower
More of the same for the corn market on Tuesday- light volume, improving SA weather and continued concern over Chinese exports. Funds estimated net sellers of 1000 contracts on the final day of the year. It looks to be more of the same today. Technically all three of my indicator remain bearish with support at 4.18 ½ H.
Soybeans: Called- 7 lower
Improved SA weather and spillover weakness from a softer DDG market had soybeans on the defensive Friday closing the mar below $13 for the first time since Nov 21st. SA harvest around the corner with rumblings about some limited harvest activity in Brazil. Technically all of my indicators remain bearish with support at 12.74.
Wheat: Called- 4 lower
The wheat complex showed a little life on Tuesday closing higher, led by MWH posting a 5c gain. A colder forecast has some worried about any winter wheat with limited snow coverage. For the morning we look to give much of it back.