Schwieterman Grain Comments
Today the corn will likely be stuck between short covering ahead of the weekend and preweekend harvest hedging. The net effect will likely be sideways action today.
Schwieterman Grain Commentary
Corn
Trends
Short Term: Down
Long Term: Down
Overnight Trade: Z -1 @7:30 AM
Yesterday the December corn gave up Wednesday’s gains and proceeded to do nothing, in very low volume, overnight. Today the corn will likely be stuck between short covering ahead of the weekend and preweekend harvest hedging. The net effect will likely be sideways action today. The bulls need a move above $4.83 in the December contract to start next week with the upper hand.
Wheat
Trends
Short Term: Down
Long Term: Down
Overnight Trade: Chicago: Z +2 KC: Z +3 @7:30 AM
Wheat is just terrible. The December KW made a new multi-year low overnight, so it is very hard to find a way to put a positive spin on that market. The most positive thing to say about the wheat is that the Kansas City contracts were the only ones of the major wheat contracts to make the new lows. We are still clearly in need of either fresh demand for US wheat or a turn higher in the corn.
Soybeans
Trends
Short Term: Down
Long Term: Down
Overnight Trade: X +6 @7:30 AM
The November soybeans appear to be headed for the $12.80 support. The market was higher overnight, but the strength was minor compared to yesterday’s losses. There are enough reports of poor yields that one would think we would see a recovery in the market sometime soon. However, export sales aren’t that great and September is generally a poor time to be long, so here we are stuck with “harvest pressure.”
Schwieterman
Bret Crotts
620-275-4133
888-437-9131
bret@swbell.net