- Markets trading mixed overnight with better Argentine rains weighing on the soy complex.
- Export sales this morning for wheat 588,800 MT (250-450 expected), o/c corn 866,900 MT (700-1,100), old crop soybeans 1,452,600 MT (1,400-2,000), new crop soybeans 113,200 MT (0-150).
- Big meal sales possibly related to Argentine crop concerns. Everything else within the range of expectations.
- Corn technically trading at the bottom of its recent range with 3.50 acting like a magnet to March corn. Support at 3.48 and resistance 3.55.
- Soybeans technically are testing support currently with downside potential to 9.30 if the market cannot find buyers today. Resistance at 9.80.
- Wheat technically had a strong up day yesterday, but was an inside day nonetheless. Support at 4.10 and resistance 4.20.
- Brazil weather continues to be good with a dry 5-day period followed by a 6-15 with rains.
- Argentine rains the last day were better than expected with better rains seen this weekend and again mid-next week.
- Overall, Argentina is looking a little better while Brazil has been in good shape all along.
- Corn is trading at support with no major fundamental news coming down the pipe before the end of the year. Look for a quiet trade for the next few weeks with seasonals suggesting we could see 10-20 cents upside by the end of the year.
- Soybeans are trading at important support. The market has priced in some of the improved Argentine weather, so any reversion to a drier outlook and buyers may re-engage. Producers that have sold a significant amount of soybeans may want to look at re-owning.
- Wheat bounced yesterday but remains in its lower trend.
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