Jan 16th 2013
Grain Marketing Specialist
Corn: As of 7:00- 3 higher
Corn settling 6 ½ higher yesterday on continues strength from tight stocks shown in Fridays report. This looks to continue to be the case moving forward as the trade continues to digest the large feed use demand. Technically the market looks bullish with resistance at 7.34H and 7.68H. Funds long 258,000.
Soybeans: As of 7:00- 9 higher
Soybeans settling 4 ½ lower yesterday after showing strength early in the morning. The late day sell off looked to be attributed in part to some moisture moving into much needed parts of Brazil. We will want to continue to be mindful of crush and exports reporting going forward. This market appears to still be technically strong with resistance at 14.42 and 14.96. Funds long just 84,000.
Wheat: As of 7:00- Winter 5 higher /Spring 5 higher
Wheat leading the way yesterday on surging European markets and continued concern about drought conditions and lack of snow cover hear in the US. While it may still be a little early to kill off this US winter wheat crop the 6-10 day forecast remains below normal precip.