Lots of talk about bear markets in this week’s Grain Farmers of Ontario weekly market commentary.
Analyst Marty Hibbs says the corn, soybean and wheat markets are all in bear mode.
He’s got soybean support around the 8.40 to 8.60 level on the September contract and is still calling any price rallies above 9 dollars selling opportunities.
Hibbs suggests all the indicators continue to point to a multi-year bear market for soybeans.
For corn, the GFO analyst puts solid support at the 3.20 level on the September contract, with all indicators still negative.
For wheat, there’s short-term overhead resistance at the 5 dollar area on the December contract.
He says all wheat market indicators are still negative.
Hibbs says there’s some concern about the quality of the U-S soft red winter wheat harvest.
He quotes the U-S Wheat Associates as advising buyers to ensure their purchases meet their expectations.
According to Hibbs, this year’s unusually wet weather is what’s causing those quality concerns.
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