Wheat
Oliver Sloup of Blue Line Futures says funds were in liquidation mode in soybeans, decreasing their risk exposure with spillover weakness in corn.
Corn was bouncing off the $5 psychological level of support and the close will be important Thursday.
USDA’s 2.095 billion bu. stocks in all positions estimate for corn is an increase of 173 million bu. compared to the ending stocks in the September WASDE,
Dec corn ended the day just above the $5 mark but with the added supply shock from USDA can this technical level hold?
Kyle Bumsted of Allendale says the market is seeing technical buying and is right up into chart resistance.
Market sources indicated some renewed export interest from China out of the Pacific Northwest and Gulf.
The harvest delays in key growing areas were supporting corn and soybeans early Tuesday says DuWayne Bosse with Bolt Marketing but he is concerned about technical damage done to the charts.
Chip Nellinger with Blue Reef Agri-Marketing says the soybean market was disappointed China did not lower the 10% reciprocal tariff on beans and details were vague on other ag purchases.