Morning Comments April 5, 2017
Wednesday, April 5, 2017, 8:04 AM
Submitted by: Landus Cooperative
Corn +2 to +3
Beans +5 to +7
Grains are stronger this morning with corn and beans both higher. News of soybeans being oversold and China coming back from a holiday leading our soybean market this morning. Our corn market is still under pressure from a record South American corn crop. If you’re looking for a bullish tone, we do have wet conditions going into planting season and still seeing very strong demand from exports and ethanol. Looking at some charts, technical resistance in the May17 contract remains at $3.70-3.75 with downside support near $3.50-3.55. The new crop corn board (Dec17) showing resistance in the $3.95-4.05 range with support down in the $3.70-3.75 range.
In other news: USDA grants available for emergency grazing on select CRP land in KS, OK, & TX due to recent devastation of grazing land by drought/wildfires. Pretty neat!