Chicago Grains: Corn, Wheat and Soybean

Posted by: : Paul EbelingPosted on: September 6, 2013 Chicago Grains: Corn, Wheat and Soybean

Corn

Corn futures benefited from light short-covering to wrap up the week, and the market ended near session highs with gains of roughly 5 to 7 cents. Futures posted slight losses for the week. USDA’s Crop Progress and Condition update Monday likely will reflect more deterioration and accelerated development with the Corn crop that could encourage light followthrough short-covering to start the week, but then attention will shift to Thursday’s Crop Production and Supply & Demand Reports

 

Wheat

Wheat futures closed the week with modest corrective gains. Wheat futures posted slight losses on the week. Wheat will continue to turn to the Corn market for price direction. Unless Corn finds sustained Short-covering interest or gets a Bullish report from USDA Thursday, the Northside is limited, and therefore, so is the upside for Wheat futures.

Soybean

Sept Soybean ended 14 cents higher today, while the Nov and Jancontracts were 1/4 and 1 cent higher, respectively, farther-deferred futures were weaker. On the week, Nov Beans posted slight gains on highly volatile trade. Weather will remain a focal point for Soybean traders next week as much above-normal temps and limited rainfall is expected across the western Corn Belt, while cooler and wetter conditions are anticipated in the far eastern Corn Belt.

 

The following two tabs change content below.
Profile photo of Paul Ebeling

Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
  • Start Trading Like a Professional

Research 1 of 6

Become a Day Trading Professional

Get the HEFFX Daily Alerts, FX, Commodities, Stocks, Futures Once a Day FREE!

 

Sponsor Deals

bigstock-Franchise-opportunities-concep-40612081   banner

Miami Bikini Shop

Join our newsletter and get deals, discounts and gift coupons in your inbox.

Recent News