Yahoo Finance Grains Rebound as Delays in Planting Buoy Prices
Grain prices reversed higher into the close on Tuesday and are rising on Wednesday in early north American trade. Corn, wheat and soybean prices ended with gains on Tuesday as traders took stock of this spring’s late planting start. The US needs to raise another big crop to meet this year’s demand which is still very much in play. The USDA reported that farmers had planted 5% of this year’s corn crop by April 22, compared to 15% of the crop by April 22 last year. Farmers likewise sowed just 2% of this year’s soybeans and 3% of spring wheat by April 22, compared to 5% and 21% of those crops respectively by that time last year.
Corn Prices
Corn prices rebounded into the close on Tuesday and are higher on Wednesday up 0.5%. Prices sliced through resistance which is now support near the 10-day moving average at 3.82. Resistance is seen near the April highs at 3.92. Momentum is neutral as the MACD (moving average convergence divergence) index prints in the red with an increasing trajectory which points to consolidation.
Soybean Prices
Soybean prices are higher on Wednesday after rebounding on Tuesday from session lows. Prices are still rangebound. Support is seen near and upward sloping trend line at 995 and then the 50-day moving average at 981. Resistance is seen near the 10-day moving average at 1038. Momentum is neutral as the MACD (moving average convergence divergence) index prints in the red with an increasing trajectory which points to consolidation.
Wheat Prices
Wheat prices are higher after rebounding from support on Tuesday and are higher in early North American trade. Prices are caught in a wedge pattern consolidating in a relatively tight range, but have recaptured resistance which is now support near the 10-day moving average at 470. Resistance is seen near a downward sloping trend line that comes in near 388. Support is seen near an upward sloping trend line that comes in near 454. Momentum is neutral as the MACD (moving average convergence divergence) index prints in the red with an increasing trajectory which points to consolidation.
This article was originally posted on FX Empire
