Grains today closed mixed in chicago. With corn losing only marginally yet ignoring sharply higher wheat values. Soybeans adding minimal gains in old crop and 7 cents in new. The Dow Jones losing 173 pts, Crude Oil gaining a modest $1/barrel, and the U.S. Dollar Index showing some bottoming action around 80pts.
Corn is caught technically range bound between the 20 day moving average being support@ 4.40 and 4.56 resistance basis December Futures. Fundamentally, the argument continues... Are the planting delays a problem? As far as the market is concerned, the corn crop in theory is planted. Thus, is rain bearish?? Though many see crude oils target price now in the mid 70's/barrel. Lending to some longer term support as usage is reported to be picking up next year.
Soybeans are being limited especially in old crop today as basis values are somewhat retreating. This prompting some liquidation in the July/Nov Soybean bull spread. Possibly, linked to US led military intervention with North Korea in which could limit some Asian Soybean business.
Jeff Neisler
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