- Today saw something of a turnaround as corn and soybeans shrugged off early losses to trade7-15 cents higher at midday. Wheat continued to languish 5-8 cents lower in the face of coming rains in E Europe, Ukraine and Russia and welcome drier weather in E Australia through to mid-October.
- The morning rally appears chart based with December ’16 corn futures finally breaching, and sustaining, $3.40 resistance, which now becomes support. The market was unable to push November ’16 soybeans to new lows and short covering followed.
- Additional upside momentum is possible if today’s rally holds and a fundamental based trend is likely in the run up to the October USDA report, trading through the rest of the week is likely to be somewhat more mixed .