SPREADS
Dec crush trades to 86c/bu while oilshare trades at 45.44%. Dec/March corn trades from 7 1/2c to 7 3/4c, while Dec 21/Dec 22 trades from 26c inverses to 24 1/4c. Dec/March wheat trades from 10 1/2c carry to 11c. Dec wheat/corn trades from 1.99 1/2c down to 1.84c. Nov/Jan bean spread trades from 8 1/4c to 8 3/4c carry. Nov21/Nov 22 bean spread trades from 36 1/2c to 33c.
PALM OIL
Nov. down 73 ringgits at 4,367/mt.
NEWS
Stocks are 30 pts lower with crude oil trading to $72.72/barrel due to the slow recovery in the Gulf. The US dollar trades down to 92.76.
CALLS
Calls are as follows:
beans: 6-9 lower
meal: 1.80-2.20 lower
soyoil: 35-45 lower
corn: 1 1/2-2 lower
wheat: 1-2 higher
canola: 7.00-8.00 lower
TECHNICALS
November Beans: Overall trading range is now forming which appears to be a bit higher than before the rally and the report. Would look for $12.80 to be established support, while the overall top end of the range is from $13.10-$13.20. The downward momentum has stopped, and think we are about to congest around $13.00 for a pivot point trade.
first support: $12.82//$12.83
resistance: $12.93/$13.03
possible range: much the same
December Meal: Prices remain in congestion mode from $340.00-$350.00. Momentum lower has slowed while the market walks it back to $340.00 to see if it is a spot to rally from. Would still look to get some coverage on with a break back towards $335.00 should we go there once more. For now, we may remain above it while prices appear ready to base sideways for a bit.
first support: $340.00/$341.00
resistance: $345.00
possible range: much the same
December Soyoil: Prices have once again extended lower as bulls book profits on a pullback towards recent lows at 55c. Would look for prices to still maintain a 55c-60c trading range, using 58c as a swing point. We could have reached an interim low with the night trade to 5620c.
first support: 5580c/56c
resistance: 5710c/5720c
possible range: much the same
December Corn: In the process of establishing a trading range, with prices likely from $5.10 - $5.45/$5.55. While the market has pulled back this AM, could still see prices well supported on weakness. Better support is from $5.22/$5.25, which was resistance.
first support: $5.23/$5.25
resistance: $5.33/$5.35
possible range: much the same or lower
December Wheat: Wide trading range from $6.80-$7.25. Prices are back over $7.00, and this is becoming a swing point. For the day, the wheat market feels well bid, so would look for a further advancement once we open again.
first support: $7.05/$7.08
resistance: $7.17/$7.20
possible range: much the same
DECEMBER WHEAT
The market remains in a wide range from $6.80-$7.25. Key support now moves up to $7.01/$7.02 on a break, which has been a swing point for this market. The market is going to find tough resistance from $7.22/$7.25, but the chart has air to go there. Could continue to straddle/strangle this market, with prices now consolidating from $7.02-$7.22. Wheat seems well bid this AM, and would look for a likely test of $7.20.
TAGS – Feed Grains, North America