Grain Marketing Specialist
Corn: As of 7:45-steady to 1 higher
A weak $, short covering and solid export business kept the corn market firm yesterday. Funds estimated buyers of 5000 contracts. Technically this market looks favorable with all 3 of my indicators bullish. Resistance at 3.63 ¾ and 3.69. Rallies have been few and far between these days so don’t be shy about having some orders to take advantage.
Soybeans: As of 7:45- 3 higher
Soybeans finally breaking out of the channel we have been in sense Christmas last night. A weak $ and short covering kept the market firm yesterday and into the night. Brazil is full on harvest and could weigh on this market but for now the momentum seems to be higher. As with corn I would urge you think hard about price objectives and don’t be afraid to have targets working. SK6 resistance at 9.03 and 9.17.
Wheat: As of 7:45- 1 higher
The wheat market is attempting to put weather risk in and along with fund short covering led the way higher yesterday. 6-10-day forecast shows below normal precip for much of Texas and Oklahoma. An abnormally warm and early spring has wheat susceptible to a cold snap as well. Technically look for resistance for MWK6 at 5.14 (where we stalled out yesterday and last night) and KWK6 at 4.90.