Grain Marketing Specialist
Corn: As of 7:45- 2 higher
Crop conditions giving way to a hotter/drier forecast although we appear to have some moisture working into the 6-10- forecast. A softer dollar index and firm energies providing support as well. Funds continue to be active as they are willing to bet on the prospects of some sort of disruptions vs. the reality that conditions are currently acceptable. Overnight we look to be approaching my next nc objective of 4.37Z.
Soybeans: As of 7:45- 12 to 13 higher
Trade seemed to shrug off bearish planting progress/crop conditions on ideas of a hotter drier forecast. Also the announcement of 180 TMT of 16/17 beans to China and ideas of an increase in exports on Friday’s s/d report helped out as well. Funds continue to be active participants. Overnight Nov made new highs for the move as we just can’t seem to keep this market down. I have next level of resistance at 11.52X if a person is looking for an upside objective.
Wheat: As of 7:45- 1 to 2 higher
Wheat harvest progressing in the south and continued talk of mostly above ave. yields, as we anticipate this to continue as they push north. Protein levels are still the big question mark at this point. For the time being wheat looks to be a follower of row crops higher.