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 September 13, 2017
| Commodity | Period | Price | Weekly Movement |
| Corn CBOT | December | 3.51 | 10 cents |
| Soybeans CBOT | November | 9.60 | 11 cents |
| Wheat CBOT | December | 4.43 | 03 cents |
| Wheat Minn. | December | 6.43 | 01 cents |
| Wheat Kansas | December | 4.44 | 05 cents |
| Chicago Oats | December | 2.38 | 05 cents |
| Canadian $ | December | 0.8196 | 0.15 points |
Corn
The USDA suggested that the corn yields were more than expected by the street. All this did was temporarily send corn back to the $3.45 support level that we keep speaking of on the December Chicago futures. The charts look as though they are finding good support in this area, and they could be ready for a move higher over the short term. Our first resistance level is at the $3.70 level on December.
Short term indicators have turned positive, but weekly and monthly indicators are still negative, and the primary trend is still down.
Soybeans
Like the corn report, the soybean report was somewhat negative, with regard to the higher yields. U.S. dollar weakness has helped support prices in light of the bearishness of the recent news: our important $9.30 support level is still intact, and not far below there is much more support at the $9 level based on the November futures.
Short term indicators are negative, and the primary trend is still down.
Wheat
Wheat has behaved nicely this week, as it seems to have found comfort in the $4.20 area on the December contract after the September USDA report. This could be temporary, as the continuous chart of the daily action shows support closer to the $4 level. Either way, we have had a significant selloff since the July 5 highs, and we are more than due for at least a 40 cent bounce from these levels over the next few weeks.
Support sits at $4.20 and again at $4 on the long term chart based on the lead month Chicago contract, while overhead resistance is viewed at $4.60.
All indicators are still negative, and the primary trend is still down.
Harvest 2017 prices as of the close, September 13 are as follows:
SWW @ $182.92/MT ($4.98/bu), HRW @ $185.15/MT ($5.04/bu),
HRS @ $238.95/MT ($6.50/bu), SRW @ $182.91/MT ($4.98/bu).
