Grain Markets Commentary
Will the late week heat push prices?
Corn, soybeans and wheat were all lower yesterday as funds stepped on the gas late in the day. They were estimated sellers of 8,500 wheat, 4,000 corn and 6,500 soybeans on the day. We will see if they try to keep the pressure on through the end of the month or will the heat coming to finish the week prop prices back up. Soybeans obviously have the most upside potential due to the weather, but wheat could follow and that will pull corn with it although reluctantly. There are some out there getting really bullish on this weather forecast and we are trying to stay intune to the price action and take advantage of any price appreciation across the sector without getting too optimistic. For today, we will use 4.83 & 13.83 for support and 4.92 & 14.10 for resistance.