Schwieterman Grain Comments

The March corn is still stuck in a sideways range and battling the same old overhead resistance. So far this is the 9th consecutive session stuck inside the range from November 15th.

Schwieterman Grain Commentary

Corn
Trends
Short Term: Down
Long Term:  Down
Overnight Trade: H +1 @7:30 AM

The March corn is still stuck in a sideways range and battling the same old overhead resistance. So far this is the 9th consecutive session stuck inside the range from November 15th. The Dollar Index is a little weaker and the crude oil market is firmer, which may provide some support through the day. Otherwise, corn specific news is hard to come by.

Wheat
Trends
Short Term: Down
Long Term:  Down
Overnight Trade: Chicago: H +4 KC: H +4 @7:30 AM

The March KW has avoided making a new low for the move so far today, but the bulls will need to see a positive close at the very least for some indication that this move lower is over. As usual, we need to see some better demand news to create some speculative buying enthusiasm. Right now that is definitely lacking.

Soybeans
Trends
Short Term: Down
Long Term:  Up
Overnight Trade: H +12 @7:30 AM

There was a sale of 130,000 MT of soybeans to China announced this morning, which is what the bean bulls need to see. Overnight the soybeans were firm and the March contract reached the highest level since September 21st. The soybean oil made a multi-week high and the meal is still the dog of the bunch. The next  major resistance for the March contract will be just above $15.00.

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