Grain Prices in Markets

On Friday the [You must be registered and logged in to see this link.] in market saw wheat chop in a narrow range losing in the end with corn fighting back to positive with the complex higher led by a surge in bean oil supported by a jump in open interest. There was limited overall action with wheat trading in an inside day, corn not breaking any key technical levels, beans retreading lost ground with only bean oil surging to new range highs at 42.58. The overnight session did little to spark interest with early losses fought against all night with corn showing the best relative strength with spread relationships sure to be a hot topic this week. Looking at the day session, there is little to impact the overall trade. News is relatively quiet with only new highs in Dalian corn helping the demand story, growing heat in the central US and persistent dryness in Russia starting the week to help the weather bull. There is nothing new there with weather actually looking bearish to end the week in Russia with ample rains now forecasted. On the macro side, higher palm and a weaker USD to help bulls. On the bear side is the aforementioned Russian weather and Brazil selling beans to China with crude not helping bulls from the macro side. I am looking for a choppy lower session today with nothing to feed the bull to start the week. As the market progresses, watch the Chinese corn auction for momentum there with Delta weather and Chinese demand for beans the deciding factors in the complex.