Home / Markets / Markets Analysis / Wheat market / Wheat Leads Corn Higher, Soybeans Slip to Start Wednesday

Wheat Leads Corn Higher, Soybeans Slip to Start Wednesday

Jeff Caldwell 06/11/2014 @ 9:10am Multimedia Editor for Agriculture.com and Successful Farming magazine.

Ahead of USDA's monthly World Agricultural Supply and Demand Estimates (WASDE) report slated for 11:00 AM CST Wednesday, corn and wheat futures remain in the black while soybeans have slipped lower in early trading.

The nearby corn futures contract is 2 cents higher at $4.47 1/2 per bushel, while nearby soybeans are 3 1/2 lower at $12.26 per bushel, according to Barchart.com. Nearby wheat's leading the way, at 5 1/4 cents higher at $6.06 1/2 per bushel.

"The [July corn] trading range is 2 cents; resistance is at $5.00 with support at $4.50," says Kluis Commodities market analyst and broker Al Kluis. "For July soybeans, the trading range is 9 cents. Resistance is at $15.20 with support at $14.40."

How prices unfold later in Wednesday's session depends first on USDA's WASDE numbers and updated weather forecasts for a couple of critical growing regions that could see some mounting crop stress in the next few days, Kluis adds.

"I'm watching to see what the USDA does with soybean usage and ending stocks for this year and next year in today’s Crop Production report," he says. "I think with some hot weather in the forecast for next week that the dry areas in the eastern Corn Belt and in the Delta will start to get more trade attention."

CancelPost Comment
MORE FROM JEFF CALDWELL more +

Corn, Soybean Conditions Slip Slightly;… By: 07/28/2014 @ 3:34pm The U.S. corn and soybean crops are developing at a pace ahead of normal despite the fact the last…

Exports Fuel Soybean Price Blowup Monday By: 07/28/2014 @ 2:52pm Corn and soybeans surged to higher closing prices Monday, led by a soybean pit that was sharply…

Weather Starter: Corn Belt Dryness Continues By: 07/28/2014 @ 9:53am The week's starting out a dry one -- and likely will end on that note, too -- though while…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Scott Shellady: Options 101