Mixed Trading Session For Grains

05 Mar in Blog, corn, futures broker, Kansas City wheat, Minneapolis wheat, oats, rough rice, soybeans, wheat

A mixed day in the grain market today as soybeans are taking a breather from recent highs down four cents currently trading around $13.29 a bushel in the May contract while corn has rallied and breaking out above that 6.60 resistance level currently trading at 6.62 a bushel higher by seven cents in heavy trade in Chicago. Wheat futures are slightly lower for the July contract down only one cent at 6.85 a bushel while the oat market for the May contract is up two cents at 3.08 a bushel in very light trade in Chicago, while traders are keeping an eye on Fridays crop production report that will be a big report for soybeans, corn, and the wheat market. S today which is been the leader in the soybean complex for over a couple of months now is slightly lower with real no direction on the horizon for the rest the trading session while rough rice futures are down $.10 cents at 14.40 a bushel in the May contract also looking for the report on Friday to give it some new fundamental news to give it some near-term direction. In my opinion I still believe that the soybean market and the soybean meal market are heading higher if that continues to happen you will see corn jump into the fray to the upside because it is a feed ingredient as is soybean meal which is used for animal feed  so look for corn to mirror prices of soy meal here in the next several months going into spring planting and its should be a very wild summer with huge price swings especially if whether problems come in the way of a heat wave or drought. The soybean market has been up every single day grinding higher to 2 or 3 cents and on Friday were about eight cents higher, so I'm not surprised at all today that they are down three cents on a little profit taking or spreading between corn and beans where traders are buying the corn and might be selling some of the soybean positions because soybeans have been doing much better than any other grain at this point. Wheat futures are about to break out in the Kansas City wheat and in the Minneapolis wheat as well as the Chicago contract for July contract is about $.10 from contract highs which I think traders are waiting for the report on Friday to possibly go through that resistance and head toward $7.00 or 7.50 a bushel in the coming weeks and months. If you have any questions or concerns about the upcoming crop report please call me at Michael Seery at 800-615-7649.

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