This past Thursday’s USDA plantings and grain stocks reports did a number on grains. The reports showed domestic corn supplies (old crop) higher than expected, and corn plantings this year if recognized will be the highest since 1936. Friday corn dropped limit down and Soybeans slid. Corn closed Thursday at 695¼ and opened Monday’s trading session at 679. Nice $0.16¼ gap. Today’s price action moved DI Diff from below 5 to above 12.
Like corn we saw larger-than-expected US stockpiles of soybeans. Beans closed Thursday at 1404¾ and opened Monday’s session at 1401½. No large gap here.
If corn moves and closes below 650 can 600 be that far off? That will depend on corn’s planting season, which if compared to last year will be tough to beat. Last year we saw an incredible planting season for corn. And let’s not forget about big money.
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