On Friday we saw a large drop in corn with Sept 2013 down $0.25. This was caused by the USDA Acreage report released that day confirming the U.S. corn acreage planted at 97.4 million acres, the highest planted since 1936 when an estimated 102 million acres were planted.
Last week August 2013 RBOB opened at $2.9015 and closed the week at $3.1175. On July 1, gasoline opened at $2.7101 and since then we have only seen one red candle in July. Could we see $3.40 before all is said and done?
Many are saying the yen dropped down too fast, but what exactly was the response the BOJ was looking for? How many of you recall a month or so ago the G7 saying countries need to stop using monetary policy to manipulate their currency?
Last week September 2013 silver opened at $20.680 per ounce and closed the week at $23.322. Bulls got some positive economic news out of China and the Eurozone helped push speculation on increasing silver demand.
Soybeans at this time are much more vulnerable than corn, as corn has already passed its pollination stage. Soybeans are still podding and adding beans to the pods. The hot, dry weather has the potential to affect crop yields.