Soybeans were mixed again today. Export sales were a pleasant surprise for the market, even if they are relatively low due to seasonal factors. Old crop sales of 73,500 metric tons were up from last week and above trade expectations. New crop sales were 324,700 metric tons, up sharply from last week and at the upper end of grade estimates. November will have support at $12, and could move toward the 38% retracement level of $11.88.
Wheat price closed lower again today. The July contract has fallen almost 70-cents from highs set last week. While prices ar moving towards oversold territory weak fundamentals will likely limit any potential gains in this market. Prices saw a sharp increase over the last month as unrest in Ukraine, and a deteriorating U.S. Crop supported the market. However, last weeks USDA report which showed weakening demand both internationally and here in the U.S. has allowed the market to move and is now trying tot lower prices to improve demand.
Corn prices closed mixed as most contracts closed lower. December closed up a fraction after bouncing off support. This should be good news for prices as freezing temps and wet weather are plaguing the northern corn belt. If demand in Monday’s export inspections and Thursday’s export sales report will improve we should see prices turn sideways and trade between $4.80 and $5 as the market waits to see how this year crop looks. If demand weakens we could see prices fall further, and test support at $4.77 followed by $4.73.
|Cash Bids||Stuttgart: 1460||Pendleton: 1460|
|New Crop||Stuttgart: 1225||Pendleton: 1232|