Schwieterman Grain Comments

There isn’t much fresh corn specific news out there, so looking at yesterday’s inside day on the July chart, it would seem that we are still on track for a run to the contract highs and possibly the all time highs in the corn.

Schwieterman Grain:   Still on track for contract highs?

Corn
Trends
Short Term: Up
Long Term: Up
Overnight Trade: N -2 @7:30 AM

Corn traded both sides of unchanged overnight and the market is still stuck inside of Monday’s trading range. There isn’t much fresh corn specific news out there, so looking at yesterday’s inside day on the July chart, it would seem that we are still on track for a run to the contract highs and possibly the all time highs in the corn. We could probably stand to see a big export announcement to give the bulls some encouragement.

Wheat
Trends
Short Term: Up
Long Term:  Up
Overnight Trade: Chicago: N -22 KC: N -27 @7:30 AM

Wheat had big trading ranges again overnight and for the second night in a row, the July Chicago wheat volume exceeded the July corn. Confusion about the Indian export ban is creating a great deal of extra volatility in the market and there is no sign of that ending. The extreme volatility can be indicative of a top in the market, so if we don’t see a new high in the July KW soon, we will probably see a big correction.

Soybeans
Trends
Short Term: Up
Long Term:  Up
Overnight Trade: N +4 @7:30 AM

July soybeans made another new high for the move overnight, so that market is still on track to make a run at the highs. We had a big sale of beans to unknown destinations announced today, which is supportive, and optimism about the end of Chinese lockdowns is helpful as well. Other than that, fresh news is sparse and we are waiting on tomorrow’s export sales report.

Schwieterman
Bret Crotts
620-275-4133
888-437-9131
bret@swbell.net