Grains are mixed in overnight trading:
Dec Corn + 1 ¾ cents/bu (5.41 ¼ )
Nov Soybeans – 2 cents/bu (12.85 ½ )
Dec Chi Wheat + 2 ½ cents/bu (7.24 ¾ )
Cdn $ -0.00155 (79.07 cents)
WTI Crude Oil +0.74/barrel (76.19)
Grain trading volumes were low overnight, with corn and soybeans trading in very narrow ranges. Corn failed to break through the 5.40/bu threshold overnight on the December contract, but in the last 5 minutes has managed to break through the resistance that had existed there last week and yesterday. 5.40/bu is a pivotal value technically for corn, so whether we close above or below that value today will be critical for market direction in the short term.
USA harvest continues to roll along, but nothing unusual was noted in the USDA Weekly Crop Condition ratings/harvest progress last night.
World wheat demand continues to support the wheat complex, with more export tenders out this week.