It was another day of sharp losses for grains and oilseeds. December corn closed 10 ¼ cents lower at $5.22 ¾, November soybeans 6 ½ cents lower at $11.96 ¼, and July wheat 7 cents lower at $6.95 ½.
Corn’s planting progress was reported at 4% yesterday afternoon, below the average guess of 5-6%. Although this is below estimates, the market is clearly telling us that this is not an issue as of April 24th. The heavy precipitation has recharged much of the drought areas of the Midwest. The forecast is showing warmer and dryer weather in the extended outlook. December corn and November soybeans both hit new lows for the move today. We expect markets to continue making a series of lower lows with small rebounds in-between barring any major weather concerns.
December Corn Daily - 1 step up, 2 steps down.
The next support for Dec corn looks to be at its June 2012 low of $5.11.
December Corn Weekly –approaching the June 12 lows.
November soybeans dropped to new lows for the move settling below the $12.00 level. This is the lowest level since June 2012.
November Soybeans Weekly
The Short-Dated New Crop calls that we recommended to buy were filled today at 4 cents (please sign up using link for full recs). These are a just-in-case trades to protect our hedge levels should we see unfavorable weather between now and early summer. If you still would like to place these orders please call your broker. This is a low-cost approach to re-owning your sold bushels between now and their expiration date on June 21st. Have a great rest of the week!
EHedger | 866.433.4371
Premier full service commodity brokerage offering risk management services for the agricultural sector as well as professional traders.