Numbers were friendly as expected for Corn and Beans: All numbers are in millions of bushels.
Corn 1.8 which was on the low end of the range for stock piles. Bullish
Beans: 150 again, mid to low range of guess. Bullish
Wheat: 575 on the high end of expectations: Bearish
World Stock piles in Million Metric Tons
world wide, 162.5 for corn which is Bullish
Soybeans: 71 Friendly but not super bullish
Wheat World wide: 183 Above high end of expectations: Bearish.
Bottom line: We got the bullish corn and bean numbers and we are selling off in response.
Feels like the highs are in until January 10th unless the Chinese get aggressive with their check books.
The high in SF13 was 1353 1/2. A lot of folks were looking for 13.55 print. The next resistance had been 1363. I think that’s a pipe dream, although I had had orders working to sell at 1359 1/2.
March Corn looks like it might drift down to $4.00 just to get the print and put pressure on farmers who have yet to sell remaining 13 crop which is now in the bin.
.
WN14— This year’s wheat just breached major support and looks vulnerable for another 50 cent flush lower. Watch those long -term Trend lines.
CER