Major Grain Prices Picking UpOctober 21, 2016 6:00am
Major grain prices remained relatively quiet right after October 12’s WASDE report, but over the last week things have been picking up.
Grain Farmers of Ontario analyst Marty Hibbs notes corn prices have taken another step towards the $3.70-$3.80 level based on December.
He says for producers looking for a selling point, that level is a pretty solid place to start.
Hibbs adds short term indicators are up for corn, however, the main trend is still down.
The same goes for wheat prices.
The analyst feels if wheat closes above $4.25, a run towards the $4.40 level is quite likely.
He also points though that if that happens too quickly, a pullback is also likely to occur.
Even though the October 12 USDA report increased it’s soybean production estimates, soybean prices have begun to rally.
Jumping 50 cents in the last week has pushed prices up to the 10 dollar overhead barrier.
Hibbs says if wet conditions continue to hamper harvest, prices could top that mark as soon as next week.
As for now, support is still at the $9.25 level while overhead resistance is between $9.80 and 10 dollars.