Schwieterman Grain Comments

The Omicron variant hysteria has triggered another risk off day, so the corn was under pressure overnight.

Schwieterman Grain:   Omicron variant hysteria

Corn
Trends
Short Term: Up
Long Term: Up
Overnight Trade: H -6 @7:30 AM

The Omicron variant hysteria has triggered another risk off day, so the corn was under pressure overnight.  Friday’s low of $5.72 is key support in the March contract. We don’t have any corn specific bearish news this morning, just the general selling pressure that is impacting most markets.

Wheat
Trends
Short Term: Up
Long Term: Up
Overnight Trade: Chicago: H -15 KC: H -20 @7:30 AM

Wheat took the brunt of the selling pressure in the grain markets overnight, but of course we did just see several contract highs a few days ago. The Australians raised production estimates, which was disappointing to the bulls, but at the same time the Russian’s are raising export taxes again. At some point we are going to see better export sales. In the meantime, we could see the March KW fall to $8.20 in the short run.

Soybeans
Trends
Short Term: Down
Long Term: Down
Overnight Trade: H -14 @7:30 AM

March soybeans closed back below the 50-day moving average yesterday and saw follow through weakness overnight. We did see a large daily sales announcement of soybeans to unknown destinations, but we need to see more of that to give speculators a reason to buy. The loss of upward momentum and the move back below the 50-day moving average suggest the March contract might go revisit the $12.00 level.

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

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