Grain prices finished higher today as traders and world buyer and traders wanted to own grain following today’s USDA crop report.Low temps yesterday morning showed temps in the 30s all the way down to the KS OK boarder, the AK MO border and all the way to the OH river valley. Low temps this morning were just as cold or even a little colder. Therefore temps not condusive for planting corn in much of the central and southern US Grain belt.Corn prices made another new high up to $7.64 on the July chart closed at $7.60 so the long term, intermediate term, and short term charts all look good for corn. We will note technical indicators are now well into the overbought range but there is no sign of topping action. We do want to not based on the choppy action we’ve seen recently don’t be surprised to see a correction. We expect the overall trend is pointed higher.Soybean prices have turned up this week in fact up significantly. Bean prices have now rallied $1.08 from last Friday’s low. The chart and technical’s are pointed upward with the next area of overhead resistance around $16.95 where a downtrend line comes into play. That doesn’t mean the markets will stop there but that is the next chart point traders may want to push beans toward if we can get friendly news early next week.Wheat prices have also turned higher on the short term chart. Technical indicators pointed higher, no sign of topping action in the near term. Our next level of overhead resistance would be a double top produced back in March at $11.47. That doesn’t mean the market will stop there but that is the next level that will be a challenge for the wheat market. If we push through that the contract highs of $12.59 would be the next target.
