Despite some reductions in estimates by the USDA's recent WASDE report, major grain prices have seen little change from earlier trends.
Marty Hibbs of the Grain Farmer's of Ontario says his charts for corn saw little effect as the Labour Day bottom remains in effect.
He notes short term support is still at $3.25 on the December contract.
Short term indicators are also positive, but the main trend is still down.
The analyst feels much the same about wheat prices.
He says his charts saw no real technical damage from the lowered USDA estimates, but it's still looking like a retest of September lows at $3.25 on the December contract is possible.
Support in Chicago is still at $3.80 while the main trend is still down.
Global soybean production estimates were increased in the WASDE report and Hibbs says that's keeping a downward trend in prices.
He adds if that continues it could be enough to send prices back down to the $8.50 level.
As for now, support remains at the $9.25 level.
