Good Afternoon to All: The bears had control of the corn and soybean market all day long while Chicago wheat managed to close a bit higher. Spillover selling from the USDA’s nothing bullish crop report combined with generally lackluster Export Sales kept the pressure on especially in old crop (SN) soybeans, which closed poorly yesterday after making a new high for the calendar year. Looking at the soybean market, old crop (SN) took the biggest hit recording +30c loss. It could not hold last Friday’s low of $15.14 which now leaves us vulnerable to test the 20 day moving average of $15.02 which was the low back on June 10. The next area of support after that looks to be at $14.75 which is the 38% retracement off the yearly hi of $15.58 and the yearly low of $13.36. SX futures fell through the $13.00 level down to $12.88 but managed to get back to settle at $13.00 ½. CN futures slipped through its recent trading range of $6.44 to $6.74 but jumped back on the close to settle around the 50 day moving average of $6.45. Next levels of support rest at the April- May lows of $6.32 and $6.25. The recent high of 6.74 is still the topside target with some congestion at the $6.62 to $6.64 area. WN futures did test the recent low of $6.74 only to rally back into positive territory a dime higher to settle at $6.85 ½. We still need a few closes over $7.00 to let us try and test the recent highs of $7.12-$7.14. A noted investment house today lowered its projection on corn and soybean prices. They feel corn will move to $4.75 down from their earlier guess at $5.50 also not ruling out a move to $4.25. Their call on soybeans is at $11.00 down from $12.50 with $10.00 a possibility. Mostly lower livestock futures today finds Cattle 30 to 45c lower with Feeders 17c to 87c lower. Lean Hog futures were 5 to 52 lower with the exception of nearby LHM closing up 62c. Macros/Financials have Crude Oil up 65c/bbl., Gold trading $15.00 lower and Dow Jones futures up over 150 points. The U.S. Dollar index is down 19 ticks and Japanese Yen futures are still moving higher but is off its highs made earlier today. Enjoy your evening, Frank Chapman Regional Grain Merchandiser Consolidated Grain & Barge Co
Posted on: Thu, 13 Jun 2013 19:21:34 +0000
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