November 22nd, 2013
Corn as of 8:00 am, steady
Yesterday’s export numbers contributed to the rise in futures. Ethanol numbers were good for the week. Basis levels along the river are strong with places in southern Illinois 25 over the market. End users are having a hard time getting corn from farmers. Options expire today. Funds short 75,000 contracts need to get down to 600 in four trading days. Resistance is at $4.34 on the Dec futures.
Soybeans as of 8:00 am, 11 higher
Soybeans remain higher this morning. Exports numbers yesterday were very surprising. Beans are back above the $13 level. Basis levels along the river are improving with corn, but farmers are waiting for better prices on soybeans. South American weather is seen as favorable for soybeans. Resistance is around $13.25.
Wheat as of 8:00 am, Spr. Wheat, steady. Win. Wheat, 2 higher.
Wheat continuing to be a follower as it looks for any good news to lend support. Export numbers, yesterday, were better than expected as these lower prices have made the US competitive. Rains in Argentina may bring a couple of harvest delays. Austrailian weather is seen as dry and wheat yields being reported above trend.