Sep 22nd 2014
Grain Marketing Specialist
Corn: As of 7:45- 3 lower
The corn market continues to put in new lows on favorable harvest conditions and a firm $. Early yield numbers being tossed around out there almost seem unbelievably big… Or are they? 6-10 day forecast look to be favorable for the bulk of the corn belt harvest progress. Ratings this afternoon are expected to unchanged and harvest progress at 8-13%. Technically my indicators remain bearish with support at 3.20 and 3.07. Dollar index chart below.
Soybeans: As of 7:45- 15 lower
As with corn this market continues to put in new lows again last night on favorable harvest forecast, firm $ and solid yields. I know from the handful of early yields I’ve heard from this area I do not have a hard time believing this crop will continue to grow. Quick ship premiums are quickly eroding at processor plants as combines are starting to roll. Crop conditions expected to be unchanged this afternoon. Technically my indicators remain all bearish with support at 9.11.
Wheat: As of 7:45- 3 higher
Wheat looks to be the star overnight as it looks to be in the black this morning. But for how long? Australian crop is looking good with harvest to begin there soon. Winter wheat planting going strong with favorable weather conditions. Harvest progress expected to 86-90% complete in this afternoons report. Technically 2 of my 3 indicators remain bearish.