Schwieterman Grain: Demand pretty darn good
Short Term: Up
Long Term: Up Change: +10000
Overnight Trade: Z -3 @7:30 AM
Yesterday the December corn posted an outside day higher on the chart and a close above the 50-day moving average. The market did give up a big chunk of those gains overnight, but the 50-day moving average is acting as support. Export sales were good with 1.27 MMT of corn and 262,500 MT of milo. That, coupled with strong ethanol production, indicate that demand is pretty darn good right now. The next big hurdle on the December chart is $5.48 ½.
Short Term: Up
Long Term: Up
Overnight Trade: Chicago: Z -4 KC: Z -7 @7:30 AM
Minneapolis wheat made new contract highs again overnight and the December contract is very close to the $10.00 level. The December KW made a new high for the move overnight, but sold off and finished the overnight session by giving up the bulk of yesterday’s gains. Export sales were uninspiring at 362,400 MT. If we are going to see a new contract high very soon, the bulls need to hold things together today, otherwise it is back to trend line support.
Short Term: Down
Long Term: Down
Overnight Trade: X -9 @7:30 AM
Like the other markets, the beans posted solid gains yesterday, but could not build on the that strength overnight. Export sales were great at 2.88 MMT, and shipments were huge as well at 2.2 MMT. $12.62 ½ is still the key resistance level to watch in the November contract. Clearing that would be a huge boost to the bull camp. In the meantime, plan on seeing new contract highs in the soybean oil very soon.
NBW CHANNEL FAVORITES
Yeah, we got a channel for that...