Friday Feb 12, 2021 By: Eric Peterson
Corn closed nearly unchanged this morning with the March contract trading a six cent range. Nearby technical support is at $5.25 and the more significant long term support at $5.00. The weekly export sales released yesterday were impressive at 1.448mmt which was above market expectations. Look for slightly higher trade today following the strength from overnight.
Soybeans like corn saw some resistance yesterday when it tried to rally. It seems to reflect the comfort of the current supplies. Immediate needs are largely met so there are no current appearance of a short squeeze developing. The upside seems to be limited for now. Calls are for higher trade following the overnights.
Spring wheat closed nearly unchanged this morning as fresh wheat information seems to be pretty much non-existent. Winterkill risks continue to be monitored but we wont see the potential damage until later this spring. Calls are for mixed trade today as the market is likely to follow corn and soybeans.
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