Corn looks for breakout, soybeans have buyers, wheat topping

Demand, exports driving markets

Crop, field, fertilize Crop, field, fertilize

Corn: For the December contract, we look for first good support around 781 with larger support found at 771. On the resistance side, we look for sellers to start coming in around 815. Until one side or the other can gain some traction, the corn market should remain stuck in the same range it was in just ahead of the report…Ryan Ettner

Soybeans: We are still beating USDA expectations for exports, which even at these elevated prices is still surprising to see how little demand has been shut off. Bottom line for the beans is we can still be friendly for the next few weeks until we start to hear more about the South American crop…Cordon Sroka

Wheat: As for the Egypt purchase, they bought 120,000 tonnes of Russian wheat for September delivery. What was interesting about the Russian wheat sale was all last week there was speculation that Russia might stop wheat exports due to tight supplies and then over the weekend they sell a chunk of their supplies. With the recent run-up in U.S. wheat price, the U.S. has pretty much priced ourselves out of the international market…Jim McCormick

About the Author

Ryan Ettner is a registered commodities broker and grains analyst at Allendale, Inc. Steve Georgy is a Sr. Broker/Manager at Allendale, Inc. Jim McCormick is Senior Broker/Manager at Allendale, Inc. Allendale is registered with the CFTC and NFA and is a member of the NIBA.

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