Soybeans Rally Sharply While Corn & Wheat Steady

03 Feb in Blog, corn.wheat, oats, soybeans

 The corn and wheat market were both basically unchanged today despite a strong stock market and commodity market. Corn closing down 1 cent a bushel to close around 6.42 a bushel and wheat also lower by 1 cent to close around 6.62 a bushel. Soybean futures finished 16 cents higher to close around 12.33 a bushel. The breakout in soybeans for March delivery is 12.50 a bushel and has had a very difficult time breaking through that resistance. Oat futures continue to climb rising 5 cents to close around 3.13 a bushel. These markets have been very choppy in recent weeks but continue to climb very slowly, next Thursday is the USDA crop report for the grain market and that should determine short term direction. The last USDA report was very bearing sending corn limit down and wheat and beans sharply lower. Resistance in corn is at 6.60 a bushel with resistance in wheat at 6.83 a bushel. The real breakout in oats is around 3.20 a bushel.

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