Grain Markets Commentary
WASDE 11 AM
Corn, soybeans and wheat futures are all lower overnight as we wait for the latest for the UDSA.
Soybean futures were higher yesterday due to export buys and Brazilian weather while wheat jumped on a Russian missile strike of a Libyan cargo ship in a Ukrainian port.
That excitement is over this morning as wheat has given back half their gains.
For today’s report, we are looking for little change domestically and the bullish story could come from any production cuts to SA production.
China continues to buy US soybeans with another 1.044 MMT reported today.
Support and resistance
4.68 & 13.54 for support
4.82 & 13.83 for resistance