Corn, soybeans, wheat turning on expectations

Grains and oilseeds report

Corn: Money inflows have been large on reports but over the longer-term outlook, it still appears liquidation is the preferred method. Even with this said, we still look for a turnaround-Tuesday bounce. All of a sudden, bulls are back on the defensive and need 732-1/4 to hold. That should be the level to watch this entire week…Ryan Ettner

Soybeans: Using USDA latest stocks-to use ratio, we feel beans have fair economic value at the $15.00 level. Traders should keep a sharp eye on the weather in South America, the fund long liquidation and Chinese demand as these three fundamentals will determine the soybeans market direction over the next few weeks…Jim McCormick
 
Wheat: Winter wheat planting pace was seen at 71% complete this afternoon. This is right on the average pace for this week. Emergence, at 36%, is behind the normal 44% rate. Soil moisture is still a concern in the Plains. Look for wheat to continue to move sideways to lower in the channel it has been trading in…Cordon Sroka

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. www.allendale-inc.com

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