While all crop talk this summer focused on the drought, it now seems this fall's wet weather is playing the biggest role in grain prices.
Grain Farmers of Ontario Analyst Marty Hibbs says typical corn sellers at this time of year are now reluctant. They're not willing to sell until they're comfortable the current crop can be fully harvested without issue.
He notes that's applying further downward pressure on corn prices, but he feels prices should still stay 15 to 25 cents above the Labour Day low of 3 dollars.
The analyst adds short term indicators for corn are up for now, but the main trend is still down.
Wheat is oversold but its main trend is still down as well.
Hibbs says the best shot at a rally in wheat prices is linked to a wet corn harvest.
He points out disease issues in corn could help the feed side of the wheat markets.
Soybeans continue to see support around the $9.25 to $9.50 level but Hibbs is cautious as bumper crops are being reported.
The analyst says a re-test of the $8.50 level could very well happen as harvest continues.
