Bulls, bears struggle for control of corn, soybeans, wheat

USDA report will be key...

Grain, field, horizon Grain, field, horizon

Corn: Once again moving over 800 has cut the volume down, as trade is just not as certain about buying 800+ corn as they have been at other times during the last two months. Bulls will be counting on Friday’s supply/demand report to open the door to new higher trade as they seem to be stuck right now. Bears will look for the USDA not to offer bullish excitement without taking a large part away from lowering demand significantly…Ryan Ettner
       
Soybeans: We still have a lot of unfilled Chinese demand but if they feel they can survive on state grain reserves until Brazil’s crop is harvested, we may not see as many buys as initially thought…Cordon Sroka
  
Wheat: Harvest is continuing to progress with 88% of the winter wheat harvested and 44% of the spring wheat harvested. The government rated 63% of the spring wheat crop good to excellent. Bounces much over current levels have to be seen as sales unless corn continues to show significant breakouts…Jim McCormick

About the Author

Ryan Ettner is a registered commodities broker and grains analyst at Allendale, Inc. Steve Georgy is a Sr. Broker/Manager at Allendale, Inc. Jim McCormick is Senior Broker/Manager at Allendale, Inc. Allendale is registered with the CFTC and NFA and is a member of the NIBA. www.allendale-inc.com

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