Grains End Lower on Lack of News and Bearish Outside Markets

Allison Thompson with The Money Farm says pressure in the grains came from a lack of news or fresh demand, farmer selling and bearish outside markets like lower crude oil and a higher dollar.

Grains end lower to start the week, with livestock higher.

Allison Thompson with The Money Farm says pressure in the grains came from a lack of news or fresh demand as it was Veteran’s Day.

USDA offices were closed so export inspections, crop progress and any flash sales will be delayed until Tuesday.

Additionally, she says bearish outside markets like lower crude oil and a higher dollar weighed on futures.

Corn and soybean futures ran into chart resistance after January soybean got above the 100-day moving average at around $10.40 and that triggered some profit taking.

At these price levels there was also a pick up in farmer selling or hedge pressure.

Wheat was down the hardest with improved weather as Hard Red Winter wheat areas received some good moisture over the weekend.

Technically wheat futures made new lows for the move before finding technical support and ending well off those lows.

Funds are still short wheat and soybeans but have moved long in the corn market.

Thompson says corn will continue to need demand or other bullish factors to keep the funds interested in buying.

Cattle futures also made new lows before bouncing and ending in the green scoring technical reversals.

However, Thompson thinks it may have been a one day recovery.

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