|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||0.7660||↑ 0.00 points|
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.
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.
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).