- Markets mixed this morning. Corn up slightly, beans and wheat unchanged.
- Corn finished up 2 cents yesterday, beans up 7 cents.
- Friday’s USDA report keeps markets neutral, watching soybeans to see if it continues to move up.
- Supplies overall remain historically large and adequate to meet demand.
- South American weather looks good at the moment.
- Egypt buying wheat, South Korea buying corn
- 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.
- Limited rainfall for Argentina nearby and through 6-10 day forecast.
- Rainfall forecasts look to be average in Brazil.
- Very limited problems in SA at the moment.
- Corn still remains range bound. Market is positive right now, but still no reason for corn to break above the mid-3.50s.
- Soybean market is looking at a bullish key reversal. It likely won’t be high enough to force any rally to pull up corn, but add on another 15 cents to the market and it could shake some soybeans loose from farmers hands.
- Wheat had a bearish report on Friday. The market failed technically, but another 3 cents downside and we are back at support. Wheat still has a massive gap left at 3.90 on the continuous chart though.
- No real news to trade today versus yesterday. Markets still range bound to the largest extent. Hard to get excited about any movements right now. Could be until planting season before this changes.
Fun Fact of the Day: The holes you find in crackers are precisely spaced for quality reasons. If the holes are too close, the cracker will be too dry and hard. If the holes are too far apart, the cracker will bubble on the surface.