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Spec Trade: Buy a Dec KC wheat at 793.2 with a 783.6 stop. Day order.

Mixed trade to start Thursday. After two days of sharp declines, corn and wheat short covered overnight, while soybeans are doing the reverse, having seen strength over the past two sessions and now weakening, soybean meal stalled at $340, with the disappointment of bean exports to China and current concerns for next Tuesday’s potential yield…

No new contract highs overnight. Grain futures stalled overnight, as technical reversal trading yesterday is finding follow-through selling interest. Export data considered routine in tomorrow’s export sales data on Thursday will also be routine without significant export surprises. Pre-hedging ahead of next Tuesday’s NASS crop production data is becoming prevalent with rising yields for corn…

New historical highs overnight for French Milling wheat. Grain futures pushed higher again overnight, in what has become typical, weakness in the night session reverses when French milling wheat opens in the night session and then moves higher. French milling wheat made new all-time highs overnight, trading at $297/MT, with the 2008 high having been…

Egypt’s snap tenders for wheat overnight. Grain futures traded mostly firm overnight, except for a volatile lower swing at 2 AM in the morning that reverted back higher on Egypt’s GASC snap tender for mid-December wheat. This tender is due later this morning when they will likely again secure E European or Black Sea wheat…

December corn chart observation. There is a quick observation to show you that December corn, as of yesterday, has achieved a 50% recovery from last May’s spike high to the September spike low. 567.6 is the exact 50% retracement that December corn has now attained into the end of the month.

Mixed start for grain futures last trading day of the month. Grain futures have inflated this week into the end of the month, with corn reflecting an increase of $0.25, soybeans $0.16, and wheat $0.11. As the end of the month was approaching, fund managers have moved the inflation buy into grains from the energy…

Soybeans failing to act friendly. Soybeans were drug higher in this morning’s rush with corn and wheat, but failed to take out moving average resistance and take out a previous day’s high. This is concerning that soybeans are making an end of the month high and will likely press lower into the November 9 crop…

First notice day for November soybeans is Friday. Grain futures are mixed a mostly lower this morning, with first notice day for November soybeans on Friday. Corn is pausing along with wheat after yesterday’s spectacular run, while soybeans try to find stability from the weakness experienced from yesterday’s high. The concern with soybeans is that…

Grains start lower from yesterday’s poor technical close. Grain futures are lower this morning as follow-through selling from yesterday’s retreating close carried into the night session. Before recovering on an Egyptian wheat tender, wheat futures were as much as 7-10 lower overnight. Egypt is tendering for early December and is expected to secure Romanian/Ukrainian supplies….