Grain Farmers of Ontario analyst Marty Hibbs suggests the South American crop is going to be a major influence on the soybean market.
He says pricing will depend largely on the immediate supply situation and the progress of that South American crop. If South American production is assured, Hibbs figures we could see lower prices. On the charts, he's got short term indicators positive but the main trend down for soybeans.
This week's GFO market commentary says the same thing about corn prices. However, in that case the commentary suggests if the lead month basis hits between 4.10 and 4.20, the main trend indicators would turn positive.
Hibbs thinks wheat is the strongest of the three major grains right now, at least on a technical level.
He says the main trend indicator crossed from negative to neutral this week.
And if December closes above the 5.75 level, Hibbs says the main trend indicators for wheat could turn positive.
