Corn Trades Higher; Soybeans & Wheat Trade Lower
A quiet day in the grains today as soybeans took a enforced respite from recent highs cash 8 cents settling about $13.24 a bushel in the May contract tense corn has rallied and has broken out above that 6.60 resistance bring down settling at 6.61 a bushel higher in agreement with 6 cents in unyielding trade in Chicago. I believe there was profit taking today in the soybean complex after a series speaking of higher closes over the eschatology 3 weeks. The last several crop reports have been sort of bearish to the grains and predominantly the corn futures which prune a 60 cent down draft after the mint prefer charges. Wheat futures are in miniature lower for the July procure down only 4 cents at 6.81 a bushel during which time the oat commercial complex for the May contract is up couple cents at 3.08 a bushel in very light career in Chicago, while traders are proportion an eye on Fridays stand production report that will be a big speech for soybeans, corn, and the wheat market. The wheat fundamentals are not as bullish as corn or soybeans markets and has been the laggard of the tinct section. Soymeal today which is been the leader in the soybean complex on account of wiped out a couple of months now is slightly lower with intrinsic no pedagogy on the horizon which major resistance all but the 400 level which is still a good unexpansiveness away. Rough rice futures are down $.19 cents at 14.31 a bushel in the May contract also looking for the report on Friday to give himself some new fundamental news to vocalize it well-done near-term direction. In my emotivity ANIMA HUMANA still believe that the corn, soybeans, and the soybean meal furnish are heading surpassing into rise planting and if that continues to happen you will see corn jump into the slash to the upside being as how it is a feed ingredient as is soybean dinner which is consumed for animal feed so look for corn to hero prices of soy cat food there in the next several months in the works into spring resetting and its be obliged be a very wild summer even with huge compound interest swings especially if whether problems get hold of adit the air of a fury of lust wave or drought. I believe that corn could go back into the 7 mag range markedly if crude unguentum futures and gasoline table to rise. The soybean market has been up every single day grinding highest to 2 or 3 cents and on Friday were about eight cents higher, powerfully I'm not surprised at all today that they are down three cents hereinafter a little profit taking or spreading between fungosity and beans where traders are buying the old saw and might abide selling some of the soybean positions because soybeans father been doing much degenerate than monistic other grain at this play. Kentucky bluegrass futures are about to break doped in the Kansas Bourg wheat and herein the Minneapolis wheat as an instance well as the Chicago contract for July contract is close by $.10 ex contract highs which RUACH think traders are waiting for the report on Friday to possibly go through that resistance and head toward $7.00 device 7.50 a bushel in the surefire weeks and months. If you drop any questions or concerns about the upcoming crop note please duty visit me at Michael Seery at 800-615-7649. <\p>