- Another day, another set of markets doing almost absolutely nothing. Corn is doing 1 cent, soybeans up 1 cent, wheat down 6 cents.
- USDA exports sales to unknown destination, 130,000 MT of corn.
- The USDA will release their November crop report on Thursday. I will send out pre-report estimates today.
- Crop progress was as expected. 70% of corn harvested, 90% of soybeans.
- South American weather still looking decent with dry spots in Brazil catching rains while planting should pick up in Argentina.
- Corn technically hanging out near 3.50 with support at 3.45 and resistance 3.55. Sideways trend…as usual.
- Soybeans general uptrend continues despite pullbacks, with support near 9.80 supporting while resistance is seen near 10.00.
- Wheat technically remain range-bound with moving average resistance at 4.30 and support at 4.20.
- Crude oil rally continues, trading above 57
- Brazil seen catching rains over the next 10 days to limit any dry pockets.
- Drying out in Argentina should allow their planting to pick up.
- Parts of the US eastern corn belt still wet with weekend rains
- Corn continues to do absolute nothing meaningful. The trading range is stuck hovering around 3.50, with support at 3.45 and resistance at 3.55. The oil rally produces a story for corn bulls to cling to, but the market still lacks any sense of direction. Will the USDA report give us one? Unlikely…
- The general uptrend in soybeans continues, but without any big increase in demand or SA issues, we could be due for a pullback. Soybeans is likely one of the few factors that could change the direction of corn.
- Wheat remains stuck in its range with no fundamental reason to push out of that range.
Fun Fact of the Day: To see in full color as we know it, humans use three cones – red, blue and green. However cats and dogs only have blue and green cones. This means they have a much more muted perception of color, which is akin to color blindness in humans.