Grain and livestock futures are mostly lower again Wednesday.
Corn and soybeans have made new three year lows.
Darin Newsom, Senior Market Analyst with Barchart, says funds continue to sell grains on the lack of threatening weather and as rains that have fallen over dry areas of the Eastern Corn Belt.
He thinks December corn should find support around the $4.00 area on the charts and from a value stand point.
November soybeans are below $11.00 and have even taken out $10.80 support and may not find chart support now until $10.50-$10.60.
Newsom says wheat continues to see harvest and hedge pressure from farmer selling, especially with bigger yields than expected in many areas.
He adds that despite the 4.85 million bushel sale of soybeans to China this morning, the lack of export demand has been a problem for soybeans.
However, he says demand has been a problem for all the grains.
Cattle are lower for the third day and he thinks the market looks like it may have topped along with boxed beef.
Newsom has also been watching the testimony from Fed Chairman Jerome Powell
