December 18, 2017
Grain Marketing Specialist
The corn market continues to move along its bearish trend as we bounce off our new low at $3.46 March futures. Large US, and World supplies, continue to plague our markets. Some good news, for corn prices, is that the USDA is expecting to see a 5% increase in production of beef and pork, in 2018, and ethanol is at record production! Resistance is at $3.48. Traders will continue to watch weather out of South America.
Soybeans: 2 higher
Soybeans has fallen fifty-two cents after establishing a new post-harvest high on, December 5th, at $10.15 Jan futures. We are seeing some buying interest this morning and if the January soybean market closes well above $9.70 we may get back into our sideways trend. Support is at $9.64.
Wheat: MPLS: 3 higher KC: 3 higher
We are seeing positives in the wheat market this morning. Dry conditions, as shown by the latest drought monitor, are prompting these positive gains. The market, however is still weighed down by an abundant supply of US wheat, and very little export business.