Grain Marketing Specialist
Corn: As of 7:45- steady
Noted fund selling along with favorable SA weather pressured this market as we roll into the holiday trade. A bleak export picture isn’t helping bulls either. Funds were net sellers of 6000 adding to an already larger net short position. Technically my indicators are bearish with support at the contract low of 3.62 ½.
Soybeans: As of 7:45 steady
Soybeans slipped yesterday on many of the same reasons as corn. Favorable SA weather, exports and plenty of world stock. Funds estimated sellers of 5000 yesterday. Looking for a light Holiday like trade with very little new to talk about.
Wheat: As of 7:45- steady to 1 higher
Minneapolis wheat hit new contract lows yesterday mainly on burdensome global stocks and fund selling. Funds estimated sellers of 4800 adding to an already rather larger short position of 102600 short. Little threatening US winter wheat crop. Expecting a light trade as we edge towards Christmas. Technically I have support for Minneapolis wheat at 4.93 and 4.77.