- Markets traded mixed overnight with soybean/corn higher and wheat lower.
- Friday’s USDA report was lacking the bearish death knell for beans that many were expecting.
- Supplies overall remain historically large and adequate to meet demand.
- South American weather looks good at the moment.
- Egypt is tendering for wheat currently.
- Corn technically remains range-bound with support in the mid-3.40’s and resistance mid-3.50’s.
- Soybeans put in a bullish key reversal Friday and saw follow-through overnight. Support at 9.30 and resistance at 9.80.
- Wheat collapsed off moving average resistance Friday and is seeing follow through selling to start the week. Support at 4.10 and resistance 4.20.
- No daily sales.
- Better than expected rains in Argentina over the weekend.
- More scattered showers for Brazil over the next couple weeks.
- Very limited problems in SA at the moment.
- Report Friday changed nothing for corn. Supplies are large. Market is likely to remain range-bound. Sell the top of the range and buy the bottom.
- Friday’s report was a little supportive soybeans. The market was leaning hard to the short side going in, so we have a bullish key reversal that could lead to more short-covering. Supplies are still at multi-year highs, so do not forget to be a willing seller if the market can tack on another 10-15 cents from here.
- Wheat had a bearish report on Friday. The market failed technically, but another 5 cents downside and we are back at support.
- Bigger picture, it is hard for me to be overly bullish or bearish any market at these prices.
Fun Fact of the Day: The Statue of Liberty arrived in New York Harbor on June 19, 1885, as a gift of friendship from the people of France to the people of the United States.