Wheat Leads Corn Higher, Soybeans Slip to Start Wednesday
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."