Grain Farmers of Ontario analyst Marty Hibbs suggests corn appears ready to challenge the 4 dollar mark on the December contract.
He says a close just above the 4 dollar level could extend the move to the 4.15 to 4.20 overhead resistance level.
For now, Hibbs has the short term corn indicators positive, weekly neutral and the main trend still down.
This week’s Grain Farmers of Ontario market commentary has short term soybean indicators neutral with the main trend still down.
Hibbs suggests a close above the 9 dollar level could produce a rally to the gap at 9.40.
However, a break below the 8.50 level could take soybeans to the 8 dollar level quite quickly.
The GFO analyst thinks the trading week has been quiet for wheat as the market waits for Friday’s WASDE report.
Hibbs puts short term wheat indicators positive while the main trend remains down.
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