Markets are trading mixed again today with wheat holding together while bearish weather weighs on the corn and beans.

Managed funds to start the week were estimated as net sellers of 8k corn to push the net short back out to 171k, net sellers of 5k beans to push the net short to 15k, and net sellers of 2k wheat to push the net short to 60k.

Crop progress showed corn rated 74% g/e (74 expected), beans rated 68% g/e (71 expected), spring wheat rated 52% g/e (55 expected), and wheat harvest 73% (74 expected).

December corn posted a lower low, lower high, and lower close on Monday with the market dropping back to fill the gap that was left Thursday night and correcting within its recent range. Support for Dec. is 4.18 and resistance 4.35.

Beans posted a lower low, lower high, and lower close on Monday with the market pulling back within the recent range. The market is well-balanced with support at 10.10 and resistance 10.30.

Corn is pulling back again this morning with prices retracing last week’s gains. For now, it still looks like a correction with last week’s low expected to stick for awhile.  Look for buyers to step in on the current pull-back.

Beans are pulling back as well this morning with comfortable world supplies weighing. Producers should look at option strategies to cover their downside risk.

Corn down 3

Beans down 4