MarketEdge PM Comments

(Taylor Bensenberg)

Good afternoon, 
 
December corn closed down 5 ½ at 4.92 and March corn closed down 5 at 5.0725. November beans closed down 14 ¾ at 12.66 and January closed down 14 at 12.8450.

• Harvest pressure is weighing on the market
• We are seeing some profit taking going into the weekend after corn had a chart breakout, still struggling to push through $5
• Good support in the bean market around $12.70 with the next resistance point being around $13
• U.S. production is a wild card for next week's USDA report out Thursday
• Demand is still behind with exports and the river isn't helping either, we are in peak export season 
• Russian drones hit another Ukranian grain silo this morning in the Odessa region
• The Dow and energy markets closed higher 
• The U.S. Dollar softened

 
Have a great weekend!