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.
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 | 0.7660 | ↑ 0.00 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).
