Corn Bounces After Breaking Down Through Support Wheat and Soybeans Follow

Grain prices are higher across the board in early North American trade. Corn rebounded after breaking down through trend line support. Export sales were higher than expected in the latest week but failed to buoy prices.  Hedge fund traders barely changed their positions in corn while adding to short positions in wheat futures and options.  Tariff issues remain as the Trump Administration levied trade Steel and Aluminum tariffs on Europe, Canada and Mexico which could eventually experience retaliation on farm products.

Corn Prices

Corn prices rebounded after breaking down through trend line support near an upward sloping trend line that comes in near 3.86. Support is seen near the June lows at 3.80. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line). The MACD histogram is printing in the red with a downward sloping trajectory which points to lower prices.

Weekly corn export sales for the 2017/18 marketing season of 993.1 TMT were up 16% from last week and 12% more than the prior 4-week average.  New crop sales of 270.9 TMT lifted combined sales to 1,142.4 TMT.

Soybean Prices

Soybean prices edged higher in early North American trade holding above support near an upward sloping trend line that come in near 995. Resistance is seen near the 10-day moving average at 1024. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line). The MACD histogram is printing in the red with a downward sloping trajectory which points to lower prices.

Wheat Prices

Wheat prices are higher in early North American Trade. Support is seen near and upward sloping trend line at 5.05. Resistance is seen near the 10-day moving average at 525. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line). The MACD histogram is printing in the red with a downward sloping trajectory which points to lower prices.

Wheat export sales for the 2017/18 marketing year came in at 29,500 metric tons, down 74% from last week and the 4-week average.  New crop sales totaled 270.9 TMT, lifting total sales to 300.4 TMT. Combined sales were down 34% week over week but within analyst expectations that ranged from 50 to 550 TMT.

Grains Prices Slump as Momentum Turns Negative

Grain prices are lower in early North American trade. Prices are testing support as export sales rise. Tariff issues remain as the Trump Administration levied trade Steel and Aluminum tariffs on Europe, Canada and Mexico which could eventually experience retaliation on farm products.

Corn Prices

Corn prices moved lower and are poised to test target support near an upward sloping trend line that comes in near 3.37. Resistance is seen near the 10-day moving average at 3.99. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line). The MACD histogram is printing in the red with a downward sloping trajectory which points to lower prices.

Weekly corn export sales for the 2017/18 marketing season of 993.1 TMT were up 16% from last week and 12% more than the prior 4-week average.  New crop sales of 270.9 TMT lifted combined sales to 1,142.4 TMT. Total sales were within analyst expectations that ranged from 850 to 1,350 TMT. Increases were reported for Columbia, Mexico, and Japan. 2017/18 export commitments are 96% of the USDA forecast and need to average 147 TMT per week to meet projections. Export sales are up 3% from last year’s pace.

Soybean Prices

Soybean prices are down by approximately 1% in early North American trade but remain rangebound. Resistance is seen near the 10-day moving average at 1027. Support is seen near an upward sloping trend line that comes in near 995. Momentum is neutral as the MACD (moving average convergence divergence) histogram is printing in the black with a flattening trajectory which points to consolidation.

Wheat Prices

Wheat prices are down in early North American Trade. Resistance is seen near the 10-day moving average at 525. Support is seen near and upward sloping trend line at 5.05. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line). The MACD histogram is printing in the red with a downward sloping trajectory which points to lower prices.

Wheat export sales for the 2017/18 marketing year came in at 29,500 metric tons, down 74% from last week and the 4-week average.  New crop sales totaled 270.9 TMT, lifting total sales to 300.4 TMT. Combined sales were down 34% week over week but within analyst expectations that ranged from 50 to 550 TMT. Export commitments are 96% of the USDA forecast with 1 week to go. Export sales are 16% below last year’s commitments during the same time frame. Major purchases were made by South Korea, Viet Nam, and Spain.

Grains Consolidate as Planting Catches up to Last Years Levels

Grain prices are higher in early North American trade but continue to experience whipsaw price action. Planting of grains was running well behind last year up until this past week, where corn planting caught up and has now surpassed last years pace. The on-again off-again trade spat with China is now heating up again and the White house looks to pick a trade war with Europe on Steel and Aluminum.

Corn Prices

Corn prices edged higher after testing support near an upward sloping trend line that comes in near 3.95. Resistance is seen near the 10-day moving average at 4.01. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line). The MACD histogram is printing in the red with a downward sloping trajectory which points to lower prices.

Corn planting increased from 81% complete to 92% in the latest data release, up 11 points from last week. This is two points ahead of both last year’s pace and the five-year average. Both Illinois and Missouri have completed planting and finished ahead of their average pace. Pennsylvania remains the furthest behind schedule with 59% of their crop planted vs. a five-year average of 78%. Wisconsin, North Dakota, and South Dakota made the most progress during the latest week by planting 25% of their crop. 72% of the corn crop has emerged, up 22 points from last week and 3 points ahead of the 5-year average. The first crop condition report was released for corn showing that 79% of the crop is rated good to excellent and 3% as poor. Last year at this time, 65% of the crop was rated good to excellent and 7% as poor to very poor.

Soybean Prices

Soybean prices moved higher in early North American trade. Resistance is seen near a downward sloping trend line at 1065. Support is seen near the 10-day moving average at 1024. Momentum is neutral as the MACD (moving average convergence divergence) histogram is printing in the black with a flattening trajectory which points to consolidation.

Wheat Prices

Wheat prices are nearly unchanged in early North American Trade. Support is seen near the 10-day moving average at 522. Resistance is seen near the May highs at 554. Momentum is neutral as the MACD (moving average convergence divergence) histogram is printing in the black with a flattening trajectory which points to consolidation.

Grains Fall Back as Chinese Tariffs Reemerge

Grain prices whipsawed closing lower on Tuesday and continue to head south in early North American trade on Wednesday. Prices will remain volatile as the White House says it is moving ahead with plans to finalize tariffs on Chinese goods next month, baring a deal in the interim. The outlook for agricultural trade last week improved, with China buying American soybeans after a quiet spell. The USDA announced further sales of 230,000 metric tons of corn to unidentified customers, which some speculate could be China. A trucker strike in Brazil that largely ground exports to a halt added to the sense of an improvement in US fortunes.

Corn Prices

Corn prices moved lower and are poised to test support near an upward sloping trend line that comes in near 3.95. Resistance is seen near the 10-day moving average at 4.02. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line). The MACD histogram is printing in the red with a downward sloping trajectory which points to lower prices.

Soybean Prices

Soybean prices moved lower on Wednesday in early North American trade. Resistance is seen near a downward sloping trend line at 1065. Support is seen near the 10-day moving average at 1022. Momentum is neutral as the MACD (moving average convergence divergence) histogram is printing in the black with a flattening trajectory which points to consolidation.

Malaysian palm oil exports of 1,003,696 metric tons are 13.55% less than what was seen over the first 25 days of April and 0.3% below than the 1,160,994 MT shipped over the same period in May 2017. Malaysia resumed its export tariff on CPO beginning May 1st. The reinstated tariff is now at 5% and CPO exports are down 73% month over month.

Wheat Prices

Wheat prices dropped 1.7% in early North American trade after failing to breakout on Tuesday. Support is seen near the 10-day moving average at 520. Resistance is seen near the May highs at 554. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).

Wheat Prices Surge Testing Resistance; Corn and Soybeans Follow

Grain prices were largely higher on Tuesday following a long weekending in both the U.S. and U.K. Wheat led the charge testing the 2018 highs which corn and soybean followed.  Weekly corn export sales were down 13% from last week and 0.6% more than the prior 4-week average.  New crop sales of 273.4 TMT lifted combined sales to 1,127.7 TMT. Total sales were within analyst expectations that ranged from 80 to 1,350 TMT. Increases were reported for South Korea, Mexico, and Japan.

Corn Prices

Corn prices gapped higher but are below the 2018 highs. The on again off again peace summit with North Korea is adding to price volatility but appears to have buoyed prices. Resistance is seen near the May highs at 412. Target resistance remains near the June 2016 highs at 4.39.  Support is seen near the 10-day moving average at 4.03.  Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line). The MACD histogram is printing in the black with an upward sloping trajectory which points to higher prices.

Soybean Prices

Soybean prices moved up about 0.5% on Tuesday in early North American trade. Resistance is seen near a downward sloping trend line at 1065. Support is seen near the 10-day moving average at 1023. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).

Malaysian palm oil exports of 1,003,696 metric tons are 13.55% less than what was seen over the first 25 days of April and 0.3% below than the 1,160,994 MT shipped over the same period in May 2017. Malaysia resumed its export tariff on CPO beginning May 1st. The reinstated tariff is now at 5% and CPO exports are down 73% month over month.

Wheat Prices

Wheat prices surged higher rising 1.6% testing the July highs at 553. Support is seen near the 10-day moving average at 518. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).

Grains Rebound and Poised to Test Higher Levels

Grain moved higher on Friday after a whipsaw trading week. Weekly corn export sales were down 13% from last week and 0.6% more than the prior 4-week average.  New crop sales of 273.4 TMT lifted combined sales to 1,127.7 TMT. Total sales were within analyst expectations that ranged from 80 to 1,350 TMT. Increases were reported for South Korea, Mexico, and Japan.

Corn Prices

Corn prices rebounded on Friday after hitting fresh 2-year highs on Thursday but closed lower following the cancelation of the North Korean summit. With the summit now back on, prices will likely move higher when they open following the Memorial Day holiday. Target resistance remains near the June 2016 highs at 4.39.  Support is seen near the 10-day moving average at 4.01.  Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line). The MACD histogram is printing in the black with an upward sloping trajectory which points to higher prices.

Soybean Prices

Soybean prices moved up about 0.5% on Friday after whipsaw price action on Thursday. Resistance is seen near a downward sloping trend line at 1065. Support is seen near the 10-day moving average at 1019. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).

Malaysian palm oil exports of 1,003,696 metric tons are 13.55% less than what was seen over the first 25 days of April and 0.3% below than the 1,160,994 MT shipped over the same period in May 2017. Malaysia resumed its export tariff on CPO beginning May 1st. The reinstated tariff is now at 5% and CPO exports are down 73% month over month.

Wheat Prices

Wheat prices surged higher on Friday rising 2.4%. Resistance is seen near the July highs at 553. Support is seen near the 10-day moving average at 511. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).

Grains Move Higher But Failed to Breakout Following Cancellation of North Korean Summit

Grain prices are higher in early North American trade but whipsawed on Thursday following the decision by the White House to pull out of the June 12 meeting in Singapore with the North Koreans. Weekly corn export sales were down 13% from last week and 0.6% more than the prior 4-week average.  New crop sales of 273.4 TMT lifted combined sales to 1,127.7 TMT. Total sales were within analyst expectations that ranged from 80 to 1,350 TMT. Increases were reported for South Korea, Mexico, and Japan.

Corn Prices

Corn prices hit fresh 2-year highs on Thursday but closed lower following the cancelation of the North Korean summit. Target resistance remains near the June 2016 highs at 4.39.  Support is seen near the 10-day moving average at 4.01.  Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line). The MACD histogram is printing in the black with an upward sloping trajectory which points to higher prices.

Soybean Prices

Soybean prices are up early North American trade but failed to close above trend line resistance on Thursday. Resistance is seen near a downward sloping trend line at 1065. Support is seen near the 10-day moving average at 1019. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).

Soybean export sales for the 2017/18 marketing year came in at net reduction to sales of 139.5 TMT, down significantly from last week and the prior 4-week average. Sales for the 2018/19 crop year totaled 6.9 TMT, lifting combined sales to a negative 132.6 TMT.  Combined sales were down 640.2 TMT week over week but within analyst estimates that ranged from negative 200-400 TMT. 2017/18 export commitments are 89% of the USDA forecast with 15 weeks to go and need to average 470 TMT weekly to meet projections.

Wheat Prices

Wheat prices failed to break out on Thursday but are higher in North American trade. Resistance is seen near the July highs at 553. Support is seen near the 10-day moving average at 511. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).

Grains Consolidate as Favorable Weather Caps Further Advances

Favorable weather conditions continue to be the farmers friend. Corn planting increased from 17% complete three weeks ago to 81% complete in the latest data release, up 19 points over the last week. This is a point behind last year’s pace and equal to the five-year average. Pennsylvania is the furthest behind in planting, having 35% of their crop planted vs. a five-year average of 64%. South Dakota made the most progress during the latest week by planting 45% of its crop. Indiana remains the furthest ahead of schedule with 88% planted vs a five-year average of 71%.  South Dakota made the most progress during the latest week by planting 45% of its crop. 50% of the corn crop has emerged.

Corn Prices

Corn prices are consolidating in early North American trade. Prices broke out above the 3.99 highs and are consolidating above support near the 10-day moving average at 398. Target resistance is seen near the June 2016 highs at 4.39.  Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).

Soybean Prices

Soybean prices are unchanged in North American trade holding above support near near the 50-day moving average at 1029. Resistance is seen near the May highs at 1043. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).

The soybean crop moved from 35% planted to 56% over the past week as numerous states were able to get 20% or more of their crop into the ground.  South Dakota is the furthest behind schedule, having only 24% of the crop planted vs. a 5-year average of 44%.  Illinois remains the furthest ahead of schedule, 81% complete vs a 5-year average of 42%.  Minnesota showed the most progress over the past week, getting 37% of its crop planted. 26% of the soybean crop is emerged.

Wheat Prices

Wheat prices moved lower in early trade in North America. Support is seen near the 50-day moving average at 502. Resistance is seen near the 50-day moving average at 4.82. Resistance is seen near a downward sloping trend line that comes in near 540. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).

Grains Break Higher Following Reduction in Trade War Rhetoric

Treasury Secretary Mnuchin said that China would import more goods and reduce tariffs, to reduce the trade deficit with the United States.  All three major grains are higher on the session.

Corn Prices

Corn prices broke out again pushing above the $4 per bushel level and poised to test higher levels. Target resistance near the June 2016 highs at 4.39.  Support is seen near the 10-day moving average at 3.97.  Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).

Soybean Prices

Soybean prices gapped higher and are up 1.75% in early North American trade. Resistance is seen near the 50-day moving average at 1029. Negative momentum is decelerating as the MACD (moving average convergence divergence) histogram prints in the red with a flattening trajectory which points to consolidation.

According to the latest NOPA crush data, the April crush easily surpassed analyst estimates and became the largest monthly crush for any preceding April on record.  161.016 million bushels were crushed vs analyst estimates of 160.97 million. Crushing activity was down 6.31% from March but up 15.73% compared to April of 2017. Meal exports totaled 946,291 tons, up 7.71% month over month and 58.92% more than April of last year, as strong meal demand and good margins continue to drive the crush.

Wheat Prices

Wheat prices surged higher in early North American trade recapturing resistance, which is now supported near the 10-day moving average at 5.03. Resistance is seen near a downward sloping trend line that comes in near 540. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).

Grains Continue to Consolidate at Elevated Levels

The strength of the U.S. dollar is generating a wall of worry for grain prices, which has capped further upside.  A slowdown in planting due to cold and wet April and May weather has eased allowing farmers to catch up.  Export sales have been mixed, which reflects inconsistent demand for all three major crops.

 

Corn Prices

Corn prices rebounded back above the $4 handle in early North American trade after whipsawing and closing lower on Thursday. Prices broke out above the 3.99 highs and are poised to test target resistance near the June 2016 highs at 4.39.  Support is seen near the 10-day moving average at 3.95.  Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).

Soybean Prices

Soybean prices are higher on Friday after closing below support near an upward sloping trend line that comes in near 997. Resistance is seen near the 10-day moving average at 1006. Momentum is negative to neutral as the MACD (moving average convergence divergence) histogram prints in the red with a flattening trajectory which points to consolidation.

Soybean export sales for the 2017/18 marketing year came in at 281.9 TMT, down 20% from last week and 48% less than the prior 4-week average.  Sales for the 2018/19 crop year totaled 224.7 TMT, lifting combined sales to 506.6 TMT.  Combined sales were down 20% week over week but within analyst estimates that ranged from 400-1,000 TMT. 2017/18 export commitments are 89% of the USDA forecast with 16 weeks to go and need to average 432 TMT weekly to meet projections. Current sales are 3% behind last year’s pace. Major purchases were reported for Egypt, Mexico, and the Netherlands.

Wheat Prices

Wheat prices surged higher in early North American trade recapturing resistance, which is now support near the 10-day moving average at 5.05. Support is seen near the 50-day moving average at 4.81. Negative momentum is decelerating as the MACD (moving average convergence divergence) histogram is printing in the red with a rising trajectory which points to consolidation.

Grains Rebound as Planting Progress Accelerates

Weather conditions have allowed producers to accelerate planting progress in the past couple of weeks, which has weighed on grain prices. Corn planting increased from 17% complete two weeks ago to 62% complete in the latest data release. This is 6 points behind last year’s pace and 1 point behind the five-year average. South Dakota is the furthest behind in planting, having 21% of their crop planted vs. a five-year average of 61%. Indiana is the furthest ahead of schedule with 73% planted vs a five-year average of 52%.  Ohio made the most progress over the latest week, planting 32% of its crop during that time frame.

 

Corn Prices

Corn prices rebounded on Thursday in early North American trade after whipsawing and closing lower after an intra-day breakout. Prices broke out above the 3.99 highs and are poised to test target resistance near the June 2016 highs at 4.39.  Support is seen near the 10-day moving average at 3.96.  Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).

Soybean Prices

Soybean prices are higher on Thursday after testing support near an upward sloping trend line that comes in near 995. Resistance is seen near the 10-day moving average at 1011. Momentum is negative to neutral as the MACD (moving average convergence divergence) histogram prints in the red with a flattening trajectory which points to consolidation.

The soybean crop moved from 5% planted to 35% over the past two-week period.  Minnesota is the state furthest behind schedule, having only 11% of the crop planted vs. a 5-year average of 37%.  Illinois is the furthest ahead of schedule 66% complete vs a 5-year average of 24%.  Illinois showed the most progress over the past week, getting 37% of its crop planted.

Wheat Prices

Wheat prices surged higher in early North American trade and is testing resistance is seen near the 10-day moving average at 5.05. Support is seen near the 50-day moving average at 4.93. Negative momentum is decelerating as the MACD (moving average convergence divergence) histogram is printing in the red with a rising trajectory which points to consolidation.

Corn Breaks Out but Soybeans Lag Following Record Crush Data

Grain prices are higher early North American trade on Wednesday, led by a breakout in corn with wheat prices surging more than 1%. NOPA reported a record crush and huge inventories of soybean oil which weighed on the soybean complex.

Corn Prices

Corn prices surged more than 3.6% in early North American trade. Prices broke out above the 3.99 highs and are poised to test target resistance near the June 2016 highs at 4.39.  Support is seen near the 10-day moving average at 3.96.  Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).

Soybean Prices

Soybean prices edged in early North American trade but was unable to pierce through resistance near the 10-day moving average at 1015. On Tuesday NOPA released crush data, that showed that the April crush surpassed analyst estimates and became the largest monthly crush for any preceding April on record.  161.016 million bushels were crushed vs analyst estimates of 160.97 million. Crushing activity was down 6.31% from March but up 15.73% compared to April of 2017.

Soybean oil stocks were exceeded analyst expectations. Analysts had a median forecast for stocks to come in at 1.980 billion pounds.  Estimates were up 1.8% from the 1.946 billion pounds at the end of March.  Support on soybeans is seen near an upward sloping trend line that comes in near 995. Negative momentum is decelerating as the MACD (moving average convergence divergence) histogram prints in the red with an upward sloping trajectory which points to consolidation.

Wheat Prices

Wheat prices moved higher in early trade in North America. Prices recaptured support near the 50-day moving average at 493. Resistance is seen near the 50-day moving average at 4.82. Resistance is seen near the 10-day moving average at 5.08. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line).

Soybeans Rebound Following News that China Could Begin to Import U.S. Products

Grain prices are mixed in early North American trade on Tuesday, with soybeans rebounding following news that China might resume purchases of exports from the United States. Reports say that China is willing in principle to import more U.S. agricultural products in return for Washington smoothing penalties against ZTE. The uncertainty about whether China will continue to buy U.S. soybeans has been weakening the market for several weeks. Wheat has fallen for the last four sessions on expectations of large global supplies and better weather for crops in the U.S. and other regions.

Corn Prices

Corn prices are lower in early North-American trade but have rebounded from session lows.  Target resistance on corn is seen near the 10-day moving average at 3.94.  Support is seen near the 50-day moving average at 3.85.  Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line).

Soybean Prices

Soybean prices are higher climbing 1.8% in early North American trade. Prices closed on their lows on Monday testing support near an upward sloping trend line that comes in near 994. Resistance is seen near the 10-day moving average at 1018. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. The MACD histogram is printing in the red with a downward sloping trajectory which points to lower prices.

Wheat Prices

Wheat prices continue to decline and are lower in early trade in North America. Support is seen near an upward sloping trend line that comes in near 4.68. Resistance is seen near the 50-day moving average at 4.82. Resistance is seen near the 10-day moving average at 4.81. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line).

Wheat Tumbles, Corn and Soybeans Follow

Grain prices are moving lower in early North American trade on Monday. Wheat is taking it on the chin, but soybean and corn are also lower. Corn export activity moved lower in the latest week, but the 4-week average was down. Current export sales are 1% behind last year’s pace.

Corn Prices

Corn prices are lower in early North-American trade on Monday dropping below the breakout level.  Target resistance on corn is seen near the 10-day moving average at 3.94.  Support is seen near the 50-day moving average at 3.85.  Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line).

Weekly corn export sales for the 2017/18 marketing season of 695.6 TMT was down 32% from last week and 24% less than the prior 4-week average.  New crop sales of 90 TMT lifted combined sales to 785.6 TMT.  Total sales were less than analyst expectations that ranged from 800 to 1,250 TMT. Increases were reported for Columbia, Vietnam, and Japan. 2017/18 export commitments are 91% of the USDA forecast and need to average 288 TMT per week to meet projections. Export sales trail last year’s pace by 1%.

Soybean Prices

Soybean prices tumbled down to support near an upward sloping trend line at 994. Prices dropped more than 1.8% on Monday, in early North American trade. Resistance is seen near the 10-day moving average at 1021. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. The MACD histogram is printing in the red with a downward sloping trajectory which points to lower prices.

Wheat Prices

Wheat prices dumped near 3.6% in early North American Trade on Monday. Support is seen near the 50-day moving average at 4.82. Resistance is seen near the 10-day moving average at 5.18. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line).

Grains Move Lower Following Latest WASDE Report

Grain prices are lower in early North American trade on Friday following Thursday USDA World supply and Demand report.  The latest WASDE data showed the 2018/19 outlook for US soybeans to reflect higher supplies, crush, exports, and lower ending stocks compared with the 2017/18 crop.  2018/19 corn use is forecast to decline modestly from a year ago on reductions in domestic use and exports.  However, corn used to produce ethanol is forecast 50 million bushels higher, largely due expectations of gasoline consumption growth. The 2018/19 wheat crop is projected at 1.821 billion bushels, up 5% from last season, due to greater harvested area and a slightly better yield.

Corn Prices

Corn prices are lower in early North-American trade on Friday and continue to consolidate above the breakout level at 392.  Resistance is seen near the 10-day moving average at 3.95 and then the May highs at 4.00. Short-term momentum is neutral as the MACD (moving average convergence divergence) histogram is printing in the black with a flat trajectory which reflects consolidation.

Soybean Prices

Soybean prices are lower Thursday and are hovering above trend line support near 1006. Resistance is seen near the 10-day moving average at 1022. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. The MACD histogram is printing in the red with a downward sloping trajectory which points to lower prices. The fast stochastic is printing a reading of 12, well below the oversold trigger level of 20 which could foreshadow a correction.

Soybean export sales for the 2017/18 marketing year came in at 354.3 TMT, down 15% from last week and 58% less than the prior 4-week average.  Sales for the 2018/19 crop year totaled 278.3 TMT, lifting combined sales to 632.6 TMT.

Wheat Prices

Wheat prices are down in early North American trade on Friday. Support is seen near the recent breakout level at 5.06. Resistance is seen near the 10-day moving average at 5.18. Positive momentum is decelerating as the MACD (moving average convergence divergence) index is printing in the black with a declining trajectory which points to consolidation.

Grain Prices Consolidate Ahead of USDA’s Supply-Demand Report

Grain prices are mixed ahead of Thursday USDA supply-demand report. Corn and soybean prices have pushed higher while wheat prices are slipping.  Traders are positioning for the USDA’s monthly supply-and-demand report which is expected to show a reduction in global grain stocks due to falling production estimates out of South America and the US. The soybean surplus is expected to grow.

Corn Prices

Corn prices are higher in early North-American trade on Thursday and continue to consolidate above support near the 10-day moving average which coincides with the breakout level at 3.95.  Resistance is seen near the May highs at 4.00. Short-term momentum is nuetral as the MACD (moving average convergence divergence) histogram is printing in the black with a flat trajectory which reflects consolidation.

Soybean Prices

Soybean prices are higher Thursday forming a bear flag continuation pattern that is a pause that refreshes lower. Prices appear to be range bound with support seen near an upward sloping trend line at 1006.  Resistance is seen near the 10-day moving average at 1026. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. The MACD histogram is printing in the red with a downward sloping trajectory which points to lower prices.

The soybean crush margin has surged higher driven by strong meal demand. The July futures crush rallied 22 cents, which was outpaced by the nearly 50-cent climb in the central Illinois crush.  The USDA reported that oil production rose 10% in March, which was matched by meal output which increased 10.3%.

Wheat Prices

Wheat prices are down in early North American trade on Thursday. Support is seen near the recent breakout level at 5.06. Resistance is seen near the 10-day moving average at 5.03. Positive momentum is decelerating as the  MACD (moving average convergence divergence) index is printing in the black with a declining trajectory which points to consolidation. Prices were overbought and have crossed into neutral territory as the RSI (relative strength index) is printing a reading of 60, after hitting the 72 mark last week.

Grain Prices are Mixed Ahead of USDA Supply and Demand Report

Grain prices are mixed in early North American trade on Wednesday. Prices experienced a turnaround Tuesday led by soybeans which were hammered on Monday. Looking ahead to the USDA monthly WASDE report Thursday will be wondering whether China taps its corn reserves, as opposed to purchasing it from the US on the open market.  Global demand for corn in 2018-19 should surpass  production, but China could generate relief by dippings into its own surplus.

Corn Prices

Corn prices edged higher early North-American trade on Wednesday. Prices are consolidating above the breakout level, and support is also seen near the 10-day moving average at 394. Resistance is seen near the May highs at 394.

Target resistance on corn is now seen near the July 2017 highs at 4.39.  Support is seen near the 10-day moving average at 3.92.  The uptrend remains intact, but short-term momentum is neutral which reflects the current price consolidation. The relative strength index (RSI) which is a momentum oscillator that measures accelerating and decelerating momentum, is moving sideways, and printing a reading of 60, which is in the middle of the neutral range and reflects consolidation.

Soybean Prices

Soybean prices are lower on Monday after closing on its lows on Friday. Prices appear to be range bound with support seen near an upward sloping trend line at 1003.  Resistance is seen near the 10-day moving average at 1032. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. The MACD histogram is printing in the red with a downward sloping trajectory which points to lower prices.

Hedge fund traders continued to add to long position in futures and options according to the latest commitment of trader’s report released for the date ending May 1, 2018.  According to the CFTC, managed money increased long positions in futures and options by 6.5K contracts while reducing short position by 647 contracts. Open interest that is long outnumber open interest that is short by 17-fold, which is offset by short position in soybean oil.

Wheat Prices

Wheat prices are down in early North American trade and trading just above support which is a former breakout level. This coincides with a downward sloping trend line that comes in near 510.  Additional support is seen near the 50-day moving average at 4.95. Resistance is seen near the 10-day moving average at 5.15. Positive momentum is decelerating as the  MACD (moving average convergence divergence) index is printing in the black with a declining trajectory which points to consolidation. The MACD is poised to generate a crossover sell signal, but will remain positive if price bounce. Short term momentum has turned negative as the fast stochastic generated a crossover sell signal in overbought territory.

Soybean Stabilize After Sharpe Drop, Wheat and Corn also Consolidate

Grain prices are stabilizing after a steep drop on Monday. Soybean prices were hammered, with wheat following suit and corn lagging. Export activity moved higher in the latest week, but the 4-week average was down. Current export sales are 3% behind last year’s pace.

Corn Prices

Corn prices are lower in early North-American trade on Tuesday consolidating Monday’s losses.  Target resistance on corn is seen near the 10-day moving average at 3.93.  Support is seen near the 50-day moving average at 3.83.  Positive momentum as reflected by the MACD is decelerating as the The MACD histogram is printing in the black with a declining trajectory which points to consolidation. Look for prices to edged toward support before resuming its path higher.

Soybean Prices

Soybean prices are slightly higher Monday after getting hammered on Monday. Prices dropped more than 2.3% on Monday, holding just above support near an upward sloping trend line that comes in near 1003. Resistance is seen near the 10-day moving average at 1029. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. The MACD histogram is printing in the red with a downward sloping trajectory which points to lower prices.

Export activity was up 65% from the prior week but old crop sales were 59% less than the prior 4-week average.  Total export commitments are 97% of projections with 18 weeks to go and need to average 79 TMT in weekly sales to meet forecast. Current export sales are 3% behind last year’s pace.

Wheat Prices

Wheat prices have stabilized after tumbling on Monday. Support is seen near the 50-day moving average at 4.94. Resistance is seen near the 10-day moving average at 5.13. Short term momentum has turned negative as the fast stochastic generated a crossover sell signal. Positive momentum is decelerating as the  MACD (moving average convergence divergence) index is printing in the black with a declining trajectory which points to consolidation.

Wheat Leads Grains Higher Soybeans Continue to Lag

Corn and wheat prices continued to breakout on Thursday while soybean prices rallied but lagged.  Concerns over tariffs in China are weighing on soybean prices. Exporter have been able to find a home for U.S. soybeans even though China has canceled recent orders.

Corn Prices

Corn prices closed higher on Thursday surging to nearly 4-dollar per bushel, and are steady on Friday in early north-American trade. Target resistance on corn is now seen near the July 2017 highs at 4.39.  Support is seen near the 10-day moving average at 3.90.  Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line). The MACD histogram is printing in the black with an upward sloping trajectory which points to higher prices.

Soybean Prices

Soybean prices closed higher on Thursday but are down nearly 1.5% in early North-American trade. Support is seen near May lows at 1030.  Resistance is seen near the 10-day moving average at 1032. Momentum is neutral as the MACD histogram prints near the zero-index level with a flat trajectory which reflects consolidation.

Soybean export sales for the 2017/18 marketing year came in at 416.3 TMT, up 12% from last week but 59% less than the prior 4-week average.  Sales for the 2018/19 crop year totaled 469.9 TMT, lifting combined sales to 886.2 TMT.  Combined sales were up 65% week over week and within analyst estimates that ranged from 300-1,100 TMT. 2017/18 export commitments are 97% of the USDA forecast with 18 weeks to go and need to average 79 TMT weekly to meet projections. Current sales are 3% behind last year’s pace. Major purchases were reported for Vietnam, Taiwan, and Mexico.

Wheat Prices

Wheat prices Surged higher on Thursday and opened slightly lower on Friday. Support is seen near the 10-day moving average at 5.04. Resistance is seen near the July 2017 highs at 553. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line). Prices are overbought as the RSI (relative strength index) is printing a reading of 70.33, above the overbought trigger level of 70 and could foreshadow a correction.

Wheat Consolidates Following Breakout

Grain prices are mixed on Thursday, with Wheat lower and corn and soybeans unchanged.  Corn and wheat lead the charge higher earlier in the week, breaking out to fresh 9-month highs. Soybeans are lagging due to the lack of demand from China for U.S. soybeans due to trade tariff negotiations.

Corn Prices

Corn prices are consolidating after breaking out earlier in the week. Resistance is seen near the June 2016 highs at 4.39. Support is seen near the 10-day moving average at 3.88. Momentum is positive as the MACD (moving average convergence divergence) histogram is printing in the black with an upward sloping trajectory which points to higher prices.

Soybean Prices

China appears to have stopped purchasing U.S. soybeans according to Bunge the largest oilseed processor on the globe. China canceled a net 62,690 metric tons of U.S. soybean purchases in the two weeks ended April 19, according to USDA data for the current marketing year. China is  the second largest market for U.S. agricultural exports, and soybeans have historically have been one of the top products sold to the Asian giant, according to the U.S. Department of Agriculture Foreign Agricultural Service.

Soybean prices are forming a wedge pattern, and consolidating as traders absorb trade tariff issues. Support is seen near the 10-day moving average at 1031, and then an upward sloping trend line near 1021.  Resistance is seen near a downward sloping trend line near 1052.  Momentum is neutral as the MACD (moving average convergence divergence) histogram prints near the zero index level with a flat trajectory which reflects consolidation.

Wheat Prices

Wheat prices consolidated after surging higher for 3-straight trading sessions.  Resistance is seen near the July 2017 highs at 553.  Support on wheat is seen near the 10-day moving average which coincides with the breakout level at 490. Momentum is positive as the MACD (moving average convergence divergence) histogram is printing in the black with an upward sloping trajectory which points to higher prices.