Corn futures and soybeans continue to chop around as participants wait for new news to give the market a new direction. We would not be surprised to see the market hold bid into the weekend where we may get weather premium and trade talk premium.
The path of least resistance is higher, this is undeniable. The U.S economic data is underwhelming at best and hopes of turning a corner were dimmed yesterday with another weak read on Manufacturing PMI.
U.S benchmarks slipped sharply into Friday afternoon as Fed rate cut expectations for next week’s meeting were toned down. The table was really set Thursday afternoon when NY Fed President Williams said the Fed should act preemptively to battle slowing growth.