Soybeans Pause after 7 Day Rally

(AgWeb) –  In the overnight session the grains were up with March corn up 2 ¼ cents and soybeans unchanged, Chicago wheat up 2 ¾ cents and Kansas City Wheat up 2 ¼ cents. Corn showed traction yesterday in the market after experiencing selling pressure throughout the majority of the day and pushing as low as $3.495 but finishing close to the high of the day at $3.515. The inability for the selling in corn to hold into the close was a positive sign which was trading around its 50 day moving average and its 20 day moving average.

Kansas City Wheat is also trading higher this morning, but technically the complex is setup for strong overhead resistance at around $4.30. Both the 20 and 50 day moving averages are overhead and provided strong resistance on January 19th when prices tested those levels.

Informa economics revised its 2018 soybean planting forecast lower to 91.197 million acres from its previous forecast of 91.387 million acres. Informa also revised their U.S. corn expected 2018 corn acreage lower to 89.179 million acres from 89.675 in its previous estimates. The company also sees spring wheat seedings at 11.255 million acres and durum wheat acreage at 2.254 million acres