China launches retaliatory tariffs on another $75 Billion of U.S. Goods. Part of this includes an extra 5% on soybeans, starting September 1st.
December corn futures had one of their most constructive sessions this month, the next two sessions should give us an idea of where we stand in the “bottoming process”.
Pro Farmer Crop Tour plans to release their final findings on Friday. Corn futures testing our support pocket from 363 ¾-369.
Friendly start to the Pro Farmer crop tour. The weekly crop progress report was released yesterday afternoon, showing the U.S. corn conditions at 56% Good/Excellent, down 1% from the previous week and 2% below expectations.
November soybean futures tried to gain ground early last week but failed to attract new buyers near the psychologically significant $9.00 handle. We saw several headlines that had a positive spin, all of which were sold into.
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Seeing recycled positive trade headlines thrown at the soybean market, with little response. Crop tours kick off next week.
December corn futures finished lower yesterday as longs continued to liquidate and shorts pounced. Crop tours will start hitting the roads in the coming weeks, this will likely have some influence on price action.
December corn futures continued lower yesterday as the bull camp threw in the towel, some likely forced by margin/risk departments. Soybean futures caught a bid yesterday, thanks to new news that suggested a delay in additional tariffs
December corn futures finished yesterday’s session limit down after a hugely bearish USDA report. Expanded limits for today’s session are 40 cents.