Grain Market Commentary for May 31, 2017

May 31, 2017

Commodity Period Price Weekly Movement
Corn CBOT July 3.71  01 cents
Soybeans CBOT July 9.26  22 cents
Wheat CBOT July 4.30  02 cents
Wheat Minn. July 5.72  11 cents
Wheat Kansas July 4.31  01 cents
Chicago Oats July 2.48  10 cents
Canadian $ June 0.7402  0.45 points

Corn

With better than 90% of the U.S. crop planted, the first stage towards a 2017crop has been completed. Going forward, we will see if the weather cooperates with the outcome. The charts still show a sideways movement, but it has a positive undertone. We continue to trade between the $3.60 – $3.90 level as it has done since the summer of 2016. The main downtrend line on our weekly chart still sits at $4 while the good support is seen at $3.50. Support on the July contract is seen at $3.60 while overhead resistance is still at $3.80 with major resistance at the $4 mark.

Short term indicators are neutral, but the main trend is still down.

Soybeans

We finally broke the through the $9.40 support level on the lead month as we thought we might since receiving the red sell signal on May 19. It also came on the heels of the U.S. long weekend. The $9 price level on the July contract coincides with the low point from last July and the last line of support before a challenge to the $8.50 level may be initiated. If the $9 support fails to hold on the lead month contract, there is a very good chance that we will challenge the $8.50 price target coming into the early summer. This is according to what I see in the technical analysis. There is not much support below $9 according to the charts, until a test of the $8.50 bottom from the 2015 charts. Hopefully the $9 support level will hold.

Short term indicators are all negative and the main trend is still down.

Wheat

We had a quiet week in the Chicago wheat markets the week of May 29, but the Minneapolis continued to build on its chart pattern and is becoming more bullish by the week. Spring wheat broke its downtrend line back in November and needs to break above the $6. level on the lead month contract to show its bullish side. A break above the $6.40 on the lead month contract could incite a trend reversal according to the weekly charts. Both Chicago and Minneapolis are looking very constructive for the next couple of months. We still anticipate a challenge of the $5 resistance level on the Chicago by early summer based on the formation that I see. Support on the July contract is seen at $4.15 and again closer to the $4 mark. Our overhead resistance is at $4.40 – $4.60, also on the July contract, while our major overhead trend line runs across the monthly chart around $5.

Meanwhile, short term indicators are still neutral, but the primary trend is down.

Harvest 2017 crop cash prices as of close on May 31, 2017
SWW @ $198.22/MT ($5.39/bu), HRW @ $198.22/MT ($5.39/bu),
HRS @ $233.70/MT ($6.36/bu), SRW @ $198.22/MT ($5.39/bu).

Marty Hibbs is a grain merchandiser with Grain Farmers of Ontario. Hibbs is a 25 year veteran futures trader, analyst, and portfolio manager. He was a regular guest analyst on BNN for four years and is currently authoring the Market Side education series on futures trading basics in the Ontario Grain Farmer magazine.

Grain Market Commentary for May 24, 2017

May 24, 2017

Commodity Period Price Weekly Movement
Corn CBOT July 3.71  01 cents
Soybeans CBOT July 9.48  18 cents
Wheat CBOT July 4.32  05 cents
Wheat Minn. July 5.61  20 cents
Wheat Kansas July 4.33  07 cents
Chicago Oats July 2.38  05 cents
Canadian $ June 0.7450  1.15 points

Corn

Sideways action has become the norm for the past year as the futures continue to trade between the $3.60 – $3.90 level as it has done since the summer of 2016. The main downtrend line still sits at $4 while the major support is seen at $3. Not exactly a promising long range outlook with regard to direction. Without sounding repetitious, we are currently locked into a $3.60 – $3.80 trading zone on the forward contracts and until we close above or below this area, we will probably continue to track sideways. Support on the July contract is seen at $3.60 while overhead resistance is still at $3.80 with major resistance at the $4 mark.

Short term indicators are neutral, but the main trend is still down.

Soybeans

Soybeans continue to trade in the $9.25 – $10 range and there is little fresh news. We did receive a red sell signal last week, as the indicators continue to show downward pressure on the July contract. For the time being, the new crop November chart is not quite as negative in appearance. Support is still seen at the $9.25 level. A close below these levels could suggest a move down to the $8.50 bottom established back in 2015.

Short term indicators are all negative and the main trend is still down.

Wheat

The charts on the wheat contracts, both Chicago and Minneapolis, are looking very constructive for the next couple of months. Based on the formation that I see, we are in an expanding wave that suggests a move higher during the month of June and possibly into harvest. Unseasonable weather could also still play a role in the futures price.

The short dated options expire Friday, May 26 and it is a long weekend in the U.S. This alone is enough to expect something unexpected in the price going into the week of May 29. Support on the July contract is seen at $4.15 and again closer to the $4 mark. Our overhead resistance is at $4.40 – $4.60, also on the July contract, while our major overhead trend line runs across the monthly chart around $5.

Meanwhile, short term indicators are still neutral, but the primary trend is down.

Harvest 2017 crop cash prices as of close on May 24, 2017
SWW @ $198.77/MT ($5.41/bu), HRW @ $198.77/MT ($5.41/bu),
HRS @ $227.86/MT ($6.20/bu), SRW @ $198.77/MT ($5.41/bu).

Marty Hibbs is a grain merchandiser with Grain Farmers of Ontario. Hibbs is a 25 year veteran futures trader, analyst, and portfolio manager. He was a regular guest analyst on BNN for four years and is currently authoring the Market Side education series on futures trading basics in the Ontario Grain Farmer magazine.

Grain Market Commentary for May 17, 2017

May 17, 2017

Commodity Period Price Weekly Movement
Corn CBOT July 3.71  03 cents
Soybeans CBOT July 9.76  05 cents
Wheat CBOT July 4.27  05 cents
Wheat Minn. July 5.41  04 cents
Wheat Kansas July 4.26  13 cents
Chicago Oats July 2.35  09 cents
Canadian $ June 0.7340  0.15 points

Corn

Looking outside of the technicals this week, most markets are in turmoil with the geopolitical events and a weakening U.S. dollar. This could impact the grain market with a positive spin if the dollar weakness continues. The weakening dollar could strengthen the prices for grains and that works doubly for Canadian farmers if the Canadian dollar also continues to soften. The charts are showing some resilience with the July futures prices attempting to work higher towards the $3.80 resistance level. If we manage to close above there, I feel we could get a shot at the all-important $4 trend line. But first let’s get through the $3.80 mark.

Support on the July contract is seen at $3.50 while overhead resistance is still at $3.80 with major resistance at the $4 mark. Short term indicators are neutral but the main trend is still down.

Soybeans

Soybeans continue to trade in the $9.25 – $10 range and there is little fresh news. The indicators are still negative but the prices have been firming somewhat on a weaker U.S. dollar since April of this year. The July contract has support at the $9.25 – $9.40 level. Overhead resistance is seen at the $10 mark on both the July and November contracts. We are seeing some positive divergence in some indicators suggesting that we could see some upside price movement in the near term and a couple of indicators are suggesting oversold conditions in the near term.

Short term indicators are all negative and the main trend is still down.

Wheat

The wet weather may have passed for the time being, however, there could be issues going forward with concerns of disease from the moisture.

Wheat has weakened over the past two weeks but the reversal pattern that was forming is still valid and it shows that the wheat could challenge the $4.10 lows on the July contract and still be intact. This formation, if it stays above the $4 price on the lead month contract, could see wheat much higher in the next two months. This is an intermediate technical formation and cannot be used to accurately predict prices; however, it suggests the scope of a possible rally target. Support on the July contract is seen at $4.15 and again closer to the $4 mark. Our overhead resistance is at $4.40 – $4.60 also on the July contract while our major overhead trend line runs across the monthly chart around $5.

Meanwhile, short term indicators are now neutral but the primary trend is still down.

Harvest 2017 crop cash prices as of close on May 17, 2017
SWW @ $198.52/MT ($5.40/bu), HRW @ $198.52/MT ($5.40/bu),
HRS @ $221.52/MT ($6.03/bu), SRW @ $198.52/MT ($5.40/bu).

Marty Hibbs is a grain merchandiser with Grain Farmers of Ontario. Hibbs is a 25 year veteran futures trader, analyst, and portfolio manager. He was a regular guest analyst on BNN for four years and is currently authoring the Market Side education series on futures trading basics in the Ontario Grain Farmer magazine.

Grain Market Commentary for May 10, 2017

May 10, 2017

Commodity Period Price Weekly Movement
Corn CBOT July 3.74  01 cents
Soybeans CBOT July 9.70  05 cents
Wheat CBOT July 4.32  22 cents
Wheat Minn. July 5.45  16 cents
Wheat Kansas July 4.39  23 cents
Chicago Oats July 2.44  04 cents
Canadian $ June 0.7325  0.35 points

Corn

The May 10 World Agricultural Supply and Demand Estimates (WASDE) report was released at noon and the highlights included a U.S. carryout of 2.295 billion bushels (bb) of corn versus an average guess of 2.326 bb for the 2016/17 crop year. Global supplies showed 223.9 million tonnes (mt) versus an average guess of 223.3 mt for the same period. In both cases this was interpreted as mildly bullish as the futures closed out the session at $3.74 on the July contract.

Support on the July contract is seen at $3.60 while overhead resistance is still at $3.80 with major resistance at the $4 mark. Short term indicators are neutral but the main trend is still down.

Soybeans

The May 10 WASDE report highlights for soybeans included carryout numbers for both the U.S. and Global markets for the 2016/17 crop year.

Soybeans showed higher than expected carryout for the U.S. crop with .435 bb versus an average guess of .438 bb. Global numbers, however, showed 90.1 mt carryout versus an average guess of 87.5 mt on hand. These numbers were construed as neutral to mildly bearish as the nearby futures months were pressured with the July contract closing down four cents per bushel at $9.70.

The July contract has support at the $9.40 level for the time being. Overhead resistance is seen at the $10 mark on both the July and November contracts.

Short term indicators are all negative and the main trend is still down.

Wheat

Wheat numbers from the May 10 USDA report were supportive as the carryout for the 2016/17 season were 1.159 bb versus an average guess of 1.162 bb. Our pullback to the $4.30 level looks like it has been completed. According to the charts, we should see a slow yet progressive move higher over the coming weeks. Our red signal is still intact and as long as it stays red we should expect firmer prices. We will be looking for other signals in the coming weeks for more clues of a possible confirmation of a bottom. Support on the July contract is seen at $4.15 and again closer to the $4 mark. Our overhead resistance is at $4.60 – $4.80 also on the July contract while our major overhead trend line runs across the monthly chart around $5.00.

Meanwhile, short term indicators are now positive but the primary trend is still down.

Harvest 2017 crop cash prices as of close on May 10, 2017
SWW @ $201.65/MT ($5.49/bu), HRW @ $201.65/MT ($5.49/bu),
HRS @ $224.22/MT ($6.10/bu), SRW @ $201.65/MT ($5.49/bu).

Marty Hibbs is a grain merchandiser with Grain Farmers of Ontario. Hibbs is a 25 year veteran futures trader, analyst, and portfolio manager. He was a regular guest analyst on BNN for four years and is currently authoring the Market Side education series on futures trading basics in the Ontario Grain Farmer magazine.

Grain Market Commentary for May 3, 2017

May 3, 2017

Commodity Period Price Weekly Movement
Corn CBOT July 3.75  08 cents
Soybeans CBOT July 9.75  19 cents
Wheat CBOT July 4.54  27 cents
Wheat Minn. July 5.61  11 cents
Wheat Kansas July 4.63  36 cents
Chicago Oats July 2.38  18 cents
Canadian $ June 0.7293  0.55 points

Corn

Looks like the rain across the Midwest is becoming more of an issue as the bounce in the futures sent many hedge funds to the sidelines as the short covering rally we spoke of last week is now a reality catapulting corn futures 10 to 15 cents higher since our last report. Going forward the weather will be front and center as the race to complete planting is becoming the main focus for the Midwest Corn Belt. Support on the July contract is seen at $3.60 while overhead resistance is still at $3.80 – $4.

Short term indicators are now neutral but the main trend is still down.

Soybeans

The recent weather in major growing areas proved to be more of a hindrance for the new soybean crop as any real delays in the corn planting may be pushed to plant soybeans and thereby add to the bulging supply chain. The July contract has support at the $9.40 level for the time being. Failure to hold this support line on a close would suggest a re-test of the $9 level once again and possibly $8.50 which is the 2016 low. Immediate overhead resistance is seen at the $10 mark on both the July and November contracts. The $11 number is where you need to see the futures contract before you even start to see a chance for any significant reversal in the five-year-old bearish trend.

Short term indicators are all negative and the main trend is still down.

Wheat

Confirming our positive reversal signal from April 25, we did indeed receive the expected pop in prices this week. Going forward, the next few days could see more work in the $4.30 – $4.40 levels on the July contract before attempting higher prices. The expanding wave count on the July contract suggests higher prices into June of this year. Remembering that this is technical analysis, there are no guarantees with this prediction. Meanwhile, this move has given us another “red signal” to add to our collection. This is now three short term bullish signals for the July contract. We will be looking for other signals in the coming weeks for more clues of a possible confirmation of a bottom. Support on the July contract is seen at $4.15 and again closer to the $4 mark. Our overhead resistance is now $4.60 – $4.80 also on the July contract while our major overhead trend line runs across the daily chart around $5.20.

Meanwhile, short term indicators are now positive but the primary trend is still down.

Harvest 2017 crop cash prices as of close on May 3, 2017
SWW @ $213.45/MT ($5.81/bu), HRW @ $213.45/MT ($5.81/bu),
HRS @ $231.58/MT ($6.30/bu), SRW @ $213.45/MT ($5.81/bu).

Marty Hibbs is a grain merchandiser with Grain Farmers of Ontario. Hibbs is a 25 year veteran futures trader, analyst, and portfolio manager. He was a regular guest analyst on BNN for four years and is currently authoring the Market Side education series on futures trading basics in the Ontario Grain Farmer magazine.

Grain Market Commentary for April 26, 2017

April 26, 2017

Commodity Period Price Weekly Movement
Corn CBOT July 3.67  03 cents
Soybeans CBOT July 9.56  05 cents
Wheat CBOT July 4.27  00 cents
Wheat Minn. July 5.50  05 cents
Wheat Kansas July 4.25  05 cents
Chicago Oats July 2.20  02 cents
Canadian $ June 0.7350  0.75 points

Corn

We are switching to the July corn contract for our analysis as Friday, April 28 which is the first notice day on the May contract. One concern that I see for corn is the persistent rainfall that seems to be lingering around the U.S. mid-west. Of course it is still early, but it is worth watching. Weather forecasts suggest the 10 day outlook calls for more rain and cooler temperatures. Support on the July contract is seen at $3.60 while overhead resistance is still at $4.

Short term indicators are negative and the main trend is still down.

Soybeans

We will be focusing on the July and November contracts for soybeans with regard to the technicals starting this week. The July contract seems to have found a temporary bottom at the $9.40 level for the time being. Failure to hold this support line on a close would suggest a re-test of the $9 level once again. Supply overhang is still a serious concern with South America’s bumper harvest numbers. Immediate overhead resistance is seen at the $10 mark on the July contract. Short term indicators are all negative and the main trend is still down.

Wheat

We received a positive indicator on Tuesday, April 25 suggesting at least a temporary bottom and it should be worth watching. With record short positions by hedge funds, this signal alone could be the start of a short covering rally which could catapult prices higher over the near term. This of course is not a signal to go long, but rather an indicator that this six-year bear market could be coming to an end this season. A second pattern that I’m watching is indicating a possible bottom in the wheat by early summer or earlier. This of course is just a pattern that is developing and has not completed its formation, but one that I will be watching closely. We will be looking for other signals in the coming weeks for more clues of a possible bottoming action. Support on the July contract is seen at $4.15 and again closer to the $4 mark. Our overhead resistance is now $4.40 – $4.50 also on the July contract.

Meanwhile, short term indicators are still negative and the primary trend is still down.

Harvest 2017 crop cash prices as of close on April 26, 2017
SWW @ $198.46/MT ($5.40/bu), HRW @ $198.46/MT ($5.40/bu),
HRS @ $238.45/MT ($6.49/bu), SRW @ $198.46/MT ($5.40/bu).

Marty Hibbs is a grain merchandiser with Grain Farmers of Ontario. Hibbs is a 25 year veteran futures trader, analyst, and portfolio manager. He was a regular guest analyst on BNN for four years and is currently authoring the Market Side education series on futures trading basics in the Ontario Grain Farmer magazine.

Grain Market Commentary for April 19, 2017

April 19, 2017

Commodity Period Price Weekly Movement
Corn CBOT May 3.62  04 cents
Soybeans CBOT May 9.50  02 cents
Wheat CBOT May 4.19  15 cents
Wheat Minn. May 5.37  10 cents
Wheat Kansas May 4.17  13 cents
Chicago Oats May 2.18  07 cents
Canadian $ June 0.7420  0.95 points

Corn

Corn has tracked sideways for the past three weeks between our $3.50 support and our $3.80 resistance. U.S. corn planting is off to a slow start due to rain, but warmer, drier weather is expected in the eastern Corn Belt next week. Charts are quiet with the major trend still down. Resistance is at the $4 mark while support is seen at $3.50 and $3.40.

Short term indicators are negative and the main trend is still down.

Soybeans

Soybean futures prices have dropped from the $10.50 level to our $9.30 support line. That’s a $1.20 drop since our February 22 red sell signal. News from South America remains negative, while Brazil's soybean harvest is almost 90% complete. Without sounding repetitious, the market is in a major downtrend and rallies should be sold. If the $9.30 support fails and closes below those levels on the lead month chart, our next major support is at the $8.50 level.

Short term indicators are all negative and the main trend is still down.

Wheat

Our red sell signal from March 13 is still valid as we probe this $4.15 support level on the May contract. Our overhead resistance is now down to $4.45 on the May contract. This coincides with a four-year-old downtrend line. If we are unable to close convincingly above the $4.50 level, we are destined to re-test major support at $4.

Short term indicators are still negative and the primary trend is still down.

Harvest 2016 crop cash prices as of close on April 19, 2017
SWW @ $200.30/MT ($5.45/bu), HRW @ $200.30/MT ($5.45/bu),
HRS @ $233.73/MT ($6.36/bu), SRW @ $200.30/MT ($5.45/bu).

Marty Hibbs is a grain merchandiser with Grain Farmers of Ontario. Hibbs is a 25 year veteran futures trader, analyst, and portfolio manager. He was a regular guest analyst on BNN for four years and is currently authoring the Market Side education series on futures trading basics in the Ontario Grain Farmer magazine.

Grain Market Commentary for March 22, 2017

March 22, 2017

Commodity Period Price Weekly Movement
Corn CBOT May 3.58  05 cents
Soybeans CBOT May 9.98  00 cents
Wheat CBOT May 4.21  15 cents
Wheat Minn. May 5.38  02 cents
Wheat Kansas May 4.31  15 cents
Chicago Oats May 2.52  05 cents
Canadian $ June 0.7510  0.00 points

Corn

As indicated in last week’s commentary, a correction is underway in the May contract after receiving a red sell signal on March 10. Tuesday, February 28 marked the highs of the recent run-up, and since then we continue to probe the downside for solid support before we attempt another challenge of those highs. Our first good support line is around the $3.50 level on the May contract while our major overhead resistance level is around $4.

Short term indicators are negative and the main trend is still down.

Soybeans

Repeating again from the last two weeks, our red sell signal from February 22 is still intact, and the May contract has now dropped forty cents to date. Our six month old up-trend line still remains under attack as the May contract refuses to make any significant closes below the $10 support level. This looks like just a matter of time as the downward pressure continues on all of the grains. Our May contract needs to stay above $9.85 on a close basis or risk a possible test of the $9.50 support area from last summer.

Short term indicators are negative and the main trend is still down.

Wheat

Our key reversal from February 16 is behaving as expected. That rally took us temporarily through the $4.65 down-trend line before closing that day with a strong reversal. Since then we have been in a corrective mode. A red sell signal on March 13 confirmed this correction is still ongoing. At this point I feel a close below $4.20 on the May contract would suggest a strong possibility of a retest of the May contract lows of $4.05.

Short term indicators are still negative and the primary trend is still down.

Harvest 2016 crop cash prices as of close on March 22, 2017
SWW @ $199.32/MT ($5.42/bu), HRW @ $199.32/MT ($5.42/bu),
HRS @ $229.92/MT ($6.26/bu), SRW @ $199.32/MT ($5.42/bu).

Marty Hibbs is a grain merchandiser with Grain Farmers of Ontario. Hibbs is a 25 year veteran futures trader, analyst, and portfolio manager. He was a regular guest analyst on BNN for four years and is currently authoring the Market Side education series on futures trading basics in the Ontario Grain Farmer magazine.

Grain Market Commentary for March 15, 2017

March 15, 2017

Commodity Period Price Weekly Movement
Corn CBOT May 3.63  09 cents
Soybeans CBOT May 9.98  13 cents
Wheat CBOT May 4.36  11 cents
Wheat Minn. May 5.40  09 cents
Wheat Kansas May 4.47  19 cents
Chicago Oats May 2.57  13 cents
Canadian $ June 0.7510  0.75 points

Corn

The March contract is now expired leaving May as the lead month. A pullback is evident as we see prices ready to test our support levels after receiving a red sell signal on the short term indicators after the USDA report. First support on the May contract is seen at $3.50 and again each ten cents lower until support is found. A rally from this level could move us back toward the $3.70 – $3.75 overhead resistance. Our major trend-line is still around the $4.00 mark and it’s this line that we need to negate before we can get this market to turn positive in the long term. Repeating last week’s outlook, a pullback of a larger scale could see the May contract challenge the $3.40 and possibly even the $3.30 support levels. Short term indicators are neutral, but the main trend is still down.

Soybeans

Our red sell signal from February 22 is still intact and the May contract has dropped thirty cents to date. More of a concern is our one year old trend-line which is our major support and it needs to stay above $9.85 on a close basis. The May contract will probably continue to find downward pressure if so, there is a chance we could see much lower prices coming into the spring on the lead month contract. Short term indicators have all turned negative as indicated in last week’s commentary and the main trend is still down.

Wheat

With the March contract expiring March 14, there seems to be some temporary relief from downward pressure on prices. While still in a corrective mode we are now due for a bounce. Initially we have overhead resistance at the $4.40 – $4.45 level on May. The short term indicator flashed a sell signal this week suggesting this pullback could see lower prices in the coming weeks.

Short term indicators are now negative and the primary trend is still down.

Harvest 2017 crop cash prices as of close on March 15, 2017
SWW @ $205.96/MT ($5.61/bu), HRW @ $205.96/MT ($5.61/bu),
HRS @ $230.90/MT ($6.28/bu), SRW @ $205.96/MT ($5.61/bu).

Marty Hibbs is a grain merchandiser with Grain Farmers of Ontario. Hibbs is a 25 year veteran futures trader, analyst, and portfolio manager. He was a regular guest analyst on BNN for four years and is currently authoring the Market Side education series on futures trading basics in the Ontario Grain Farmer magazine.

Grain Market Commentary for March 8, 2017

March 9, 2017

Commodity Period Price Weekly Movement
Corn CBOT May 3.67  16 cents
Soybeans CBOT May 10.11  39 cents
Wheat CBOT May 4.44  13 cents
Wheat Minn. May 5.39  21 cents
Wheat Kansas May 4.63  14 cents
Chicago Oats May 2.40  06 cents
Canadian $ June 0.7412  0.75 points

Corn

The March 9 United States Department of Agriculture (USDA) report showed larger domestic and global ending corn stocks and confirmed large South American crops. Corn found our $3.80 overhead resistance level too much for this rally, but should still get to see another attempt in the coming weeks. Initial support is at the $3.60 level on May while overhead resistance is seen at $3.80 – $3.85. A pullback of a larger scale could see the May contract challenge the $3.40 and possibly even the $3.30 support levels.

Overall, the charts look positive in the long run, but we have hit a wall for the short term and it will need work before we attempt another run at the $3.80 level. Short term indicators are neutral, but the main trend is still down.

Soybeans

The USDA report pushed Brazil’s soybean crop to 108 mmt up four mmt from the previous month which was twice as much as the trade was expecting. Soybeans are about 12 cents lower after the report. The May contract is trading at $10.06 and it is important that we don’t break hard below the $10 mark and close there. On the other hand, the new crop soybean chart in November is looking much healthier and could actually be positive once we get through the old crop contracts. This could lead me to think there could be some surprises going into the new crop harvest prices.

Short term indicators have turned negative as indicated in last week’s commentary and the main trend is still down.

Wheat

While still in a corrective mode but still looks more positive than its counter parts. The USDA showed U.S stock a bit smaller than expected, but that was offset by global stock being a bit larger. Prices are off about four cents near the close and we have support at the $4.30 – $4.40 level based on the May Chicago contract, while overhead resistance is still at $4.65 also based on the May contract.

Both short and intermediate term indicators are still positive, but the primary trend is still down.

Harvest 2017 crop cash prices as of close on March 9, 2017
SWW @ $213.22/MT ($5.80/bu), HRW @ $213.22/MT ($5.80/bu),
HRS @ $234.54/MT ($6.38/bu), SRW @ $213.22/MT ($5.80/bu).

Marty Hibbs is a grain merchandiser with Grain Farmers of Ontario. Hibbs is a 25 year veteran futures trader, analyst, and portfolio manager. He was a regular guest analyst on BNN for four years and is currently authoring the Market Side education series on futures trading basics in the Ontario Grain Farmer magazine.