Schwieterman: Corn market drifts in low volume trade

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Corn                                         Estimated Fund Position
Trends
Short Term:Down                 Net Long Futures and Options: 136852
Long Term: Down                 Change: -6000
Overnight Trade: H -5 @7:30 AM


March corn is approaching the bottom of the trading range. There is still a lack of news in the marketplace and the market is drifting along in low volume trade. The bottom of the range should hold as support and the market should drift back towards the $7.45 area are relieve the oversold condition. This market really needs to see the exports improve in order to inspire speculative buying.

Wheat                                       Estimated Fund Position
Trends
Short Term: Down                  Net Long Futures and Options: -49922
Long Term: Down                   Change: -2000
Overnight Trade: Chicago: H -4 KC: H -2 @7:30 AM


The main supporting factor in the wheat market has been the poor crop conditions, but with moisture in the forecast there is nothing left to hold the wheat up. The March KW made another new low for the move overnight and has shown little evidence of buying interest so far this week. The market is oversold and due for a bounce, but the short traders don’t have much reason to take profits yet. Like the corn, wheat bulls need better export news.

Soybeans                                    Estimated Fund Position
Trends
Short Term: Up                          Net Long Futures and Options: 104013
Long Term:Up                            Change: +1000
Overnight Trade: H -16 @7:30 AM


The soybeans posted a weak close yesterday and saw follow through selling overnight. The March contract is now testing the 40 and 50-day moving average support. The support has a good chance of holding since we are seeing all this good demand for soybeans and the products. Breaks will probably attract more buying interest.



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