Ontario Grain Marketing Commentary for July 10, 2019

Commodity Period Price Weekly Movement
Corn CBOT Sep 4.34↓ 02 cents
Soybeans CBOT Sep 9.00↑ 04 cents
Wheat CBOT Sep 5.05↓ 10 cents
Wheat Minn. Sep 5.28↓ 12 cents
Wheat Kansas Sep 4.42↓ 02 cents
Oats CBOT Sep 2.75↓ 10 cents
Canadian $ Sep 0.76600.00 points

Corn

Corn traded sideways this week, but short-term it is still under pressure and should see more downside in the coming weeks.  We have slipped back towards the $4.30 level from a high of $4.46 on the September futures earlier this week. 

Good support is seen at $4 on the September futures.

The primary trend is now neutral to bullish. Once this current correction is complete, I expect a re-test of the recent highs of $4.69 on the September futures and later this summer a shot towards our next target of $5 per bushel.

Soybean

September soybeans had a quiet week as we hovered around the $9 range. The charts suggest more downward pressure and consolidation barring any unforeseen weather or political issues.

Overhead resistance is still pegged at the $9.35 to $9.50 level on the front month contract, while support is seen at the $8.50 level.

Indicators are still mixed, and the primary trend is still down.

Wheat

Our red sell signal on the daily chart last week suggests more downside probing. I am looking for support at the $4.70 – $4.80 level on September before we resume a move higher.

I am expecting more downside in the coming weeks, providing there are no surprises in the news. We have a United States Department of Agriculture (USDA) report due on July 11 which could also impact prices.

Indicators are positive with a primary trend neutral to bullish.  Solid support is now at $4.70 on the September futures while overhead resistance remains at the recent highs of $5.50 – $5.60 also on September.  

Marty Hibbs, Grain Farmers of Ontario

Harvest 2019 prices as of the close,July 10, 2019 are as follows:
SWW
@ $251.90/MT ($6.86/bu), HRW @ $261.49/MT ($7.12/bu),
 HRS @ $234.14/MT ($6.37/bu),  SRW @ $247.10/MT ($6.72/bu).