The support level for December wheat has dipped below the 4 dollar mark and is now down at $3.50 to $3.75.
Grain Farmers of Ontario analyst Marty Hibbs notes the support continues be under pressure.
He does point out that with 10 year lows and a long weekend coming up on both sides of the border, wheat prices could rebound slightly in the near future.
The analyst adds the indicators are negative and the trend is still down.
Indicators are also still negative for corn but Hibbs feels it's very oversold across all timeframes.
He says the pressure is on the corn market as the most recent estimates show a U.S. harvest of 15 billion bushels.
The potential record yield is keeping the charts negative and the main trend down.
Hibbs says there's no guessing at this point in time what the bottom price for corn will be.
A $9.50 support level for soybeans has them looking strong by comparison but Hibbs says there's still downward pressure there too.
He notes the next USDA estimate will be out on the 12th, which will give a more accurate indication of which way prices will go.
Hibbs concludes the signals are still negative this week, but could rally if the yield adjustments are lower than what was expected in August.
