The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Grain TV is a daily recap after the market close, providing opinions on fundamental analysis of market direction, influences and expectations. This daily program is produced by Grain Hedge, a discount brokerage firm that provides farmers and elevators with agricultural intelligence including live market quotes, cash bid data, the Grain Hedge Optimizer™ and mobile trading platforms, all for $7 commission per side. Grain Hedge provides tools to allow farmers the ability to trade when the markets move without having to wait for a broker and the information to execute a marketing strategy with confidence.
Brock and Logan discuss today's trade action coming on the heels of Tuesday's USDA WASDE Report. Wheat continued to sell off, dragging corn along, as ending stocks were raised 50 million bushels yesterday. For wheat, oversold territory has been hit on the daily chart and we are approaching support from the 200-day moving averge. Also sitting right below the market is the psychological support level of $8. As for corn, ethanol production disappointed this week leading the market to test the $7.20 support area. These topics and more are discussed in today's GrainTV.
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