AFB Grain-Soybean Close: Across the Board Gains Today
November beans tested the waters below $12 today, but quickly found buying interest and closed back above that key level. Below that, support is at the April low of $11.86. Beneficial rains have helped give the crop a boost. The USDA says that 63% of the crop is in good to excellent condition, 28% is fair, and only 9% is in the poor to very poor category. Basis bids have improved this week with little farmer selling reported.
Wheat prices posted strong gains today again today. Strength in the corn and soybean markets allowed for wheat to finally trade off its own fundamentals. December wheat prices are now bumping up against a second down trend line, which will act as resistance tomorrow. If prices manage to break this level, the next objective is for prices will be to top $7. Prices have support at nearby lows of $6.60.
Corn prices look as though they have found a floor for the near term at $4.75. The market will likely begin to consolidate ahead of the USDA report a week from Monday. Corn fundamentals continue to support weaker prices; however the current oversold state of the market is minimizing losses and actually supporting higher prices. Corn prices have resistance at $4.90 and $5.00. It is unlikely with current market news that the prices will be able to reach the $5 level.
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