AgDay Markets Now: Naomi Blohm Says Soybeans Fall to Contract Lows on Change in Weather

Corn and Wheat See Slight Technical Bounce

Grains end mixed with soybeans lower and corn and wheat slightly higher.

Naomi Blohm with Total Farm Marketing says soybeans made new contract lows with rains that fell Sunday night into Monday morning over part of Illinois and Iowa and a cooler wetter extended forecast for the Eastern Corn Belt.

She thinks if the weather continues favorable November soybeans could take out the $10 level and on a continuous chart if that level fails she says, “There is not much to catch prices until November gets down to the $9 level.”

While corn saw a little uptick Monday with spillover strength in wheat she thinks December corn will eventually take out $4.

“It’s an extremely vulnerable area on December corn futures. If $4 support fails there is not much to catch us on the charts and we could go touch $3.75, but the bigger downside points to $3.50.” she explains.

Meanwhile, wheat saw some light short covering or a technical bounce off new contract lows in Hard Red Winter and Soft Red Winter wheat.

Blohm says the wheat market has also lost more than $2 and U.S. wheat is becoming more competitive. “The hope is that will translate into better exports sales this week,” she adds.

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