Grains holding today
After the good gains Thursday at least we at this point today not giving them all back. Corn is still flirting with the overhead resistance. Gordy mentioned this morning on the air that there are two levels of resistance very close to each other. There is a possibility that there are a lot of “buy” stops just above the resistance. He has seen it happen that if the market hits the first set of “but” stops those will drive the market higher to the second set and the market pops. I read some interesting data this morning on exports. Even though the “bears” continue to talk about no demand for grains, year to date for corn we are at 87 percent of the USDA forecast for the entire year. Normally we are only at 62 percent! For soybeans we are at 105 percent of the USDA forecast for the year, and it’s a long time to the next fall!