Weekly Market Wrap-Up
Grain Market Commentary
Friday, September 7, 2018
by Chris Dudics, Senior Account Representative, The Andersons
It was a fairly quiet week for corn and beans while wheat continued its recent slide. Not a lot of new news in trade talks but we are starting to get quite a bit of harvest updates. One thing that looks certain is the bean crop looks to be really big. The updates on corn look to be really good as well and while we will most likely have another record corn crop the USDA’s yield of 178.4 looks to be enough.
Corn is running up against some resistance at the 50 day moving average. If we can break through that next week we could see cz8 head back to 3.90 which would put ch9 right around that 400-dollar level. These would be nice levels to see and a good level to start pricing corn again.
Wheat has continued its slide but should see some solid support around the 5.00 level. Wheat has lost about a dollar since the beginning of August which feels like enough for now. The funds should be close to evening their position which should also help stop the bleeding.