Wednesday, October 16, 2013

FC Morning Grain Market Commentary for 10/16/2013

AM Comments 10/16/13

Wednesday, October 16, 2013, 7:59 am
Submitted by: Dustin Weiner


Good morning!
 
There is very little fundamental news in the marketplace to discuss today, the moves lately have all been technical (chart-driven) in nature.  Corn has bounced higher the last few days, maybe on rumors about China in buying U.S. corn, but…  when you look at a chart of Dec corn, it does look like we’ve put in a bullish reversal.  Ever since CZ made new lows for the move Monday but closed higher – it has been steadily working upward.  There is overhead resistance at $4.50 meaning CZ will likely have a hard time trading much higher than that.  We are 6 cents away from that now.
 
Opening Calls
Corn steady to 1 cent higher
Soybeans 4 to 6 cents higher
 
 
 

No comments:

Post a Comment