Daily Market update from MAC | Michigan Ag Commodities | Michigan Farm News

Soybeans firm again

Category: Markets & Weather

by Chris Betz, Michigan Ag Commodities


Corn

Soybean

Wheat

Old Crop (futures month, change, settle price)

CH8

0'2

381'6

SH8

7'6

1034'2

WH8

2'0

447'2

New Crop (futures month, change, settle price)

CZ8

0'4

396'4

SX8

3'0

1028'0

WN8

3'4

474'6


Soybeans were firm again Wednesday with Argentina forecasts remaining dry well into March. Funds continue to buy into soy. This group was long around 45k contracts of beans, and about 112k contracts long in meal.

2.21.18.1_MFN_2018

2.21.18.2_MFN_2018

March beans failed to break through yesterday’s high, but still closed up firmly 7 ¾ cents. Resistance is yesterday’s high at 1039, then the contract high at 1050’4. Support is around the 1000 mark, then the 20 day at 998’2. Nov beans ticked to a new contract high of 1032’4, which is now resistance. Support is the 20 day at 1010’2. Follow through buying will leave a move to 1060 a possibility. Those looking to lock in new crop coverage should do so against the Nov or Jan.

Corn closed up a tick in another quiet session overall. Little fresh news has slowed short covering from funds who are now 35k contracts net short corn. Corn is still holding gains, however.

On the March chart, support is 364’4, then the 20 day at 362’6, then the 100 day at 357’2. Resistance is the 200 day at 373’6. Dec ’18 corn has failed to hold above resistance at the 200 day at 398. Support is the 20 day at 393’4.

Wheat is in the red with March Chicago wheat falling below the 20 day moving average. Support is the 100 day at 440’4. Resistance is now the 20 day at 450’4, then the recent high at 467’2.

In outside markets, the USD is up just under the 90.0 mark. Metals are higher. Energies are mixed with crude in the red for the first time in six sessions. The Dow Jones Industrial Average is up 62 points at 25,026.

For cash grain bids visit http:/www.michag.com/grain-bids/ or more information email [email protected].

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