Weekly export inspections for the week ending August 3 came in at 979,000 MT. It's similar to the previous week's movement, but it's more than one-third below what had been exported the same week a year ago in 2016. Corn exports are also slowing.
Buy low and sell high: It’s the cornerstone philosophy of trading and investing that has been pounded into us since we all looked at our first price chart. New converts to commodities, however, learn that selling high and buying back lower can be just as easy – and just as, if not more, effective in these versatile markets.
Soybeans have spiked as much as 15% higher over the last three weeks. So far, the commercial traders’ actions have accurately forecasted this year’s market behavior. In fact, it was commercial processor buying that triggered the discretionary COT buy signal we published for June 28th’s trading.
Buy low and sell high: It’s the cornerstone philosophy of trading and investing that has been pounded into us since we all looked at our first price chart. New converts to commodities, however, learn that selling high and buying back lower can be just as easy – and just as, if not more, effective in these versatile markets. However, options offer strategies where traders can be less precise in their bets and still earn profits.
Grain prices are all in the green this morning. Canola is acting quite resilient in the face of the Canadian Loonie touching 79.5 cents USD. December corn is back above $4 USD / bushel and November soybeans are back into double digits as well.
Grain prices are sitting a little lower this morning after a generally bearish WASDE report out yesterday and some healthy rains falling across a hot Midwest. The USDA put out their estimates with data collected as of July 1.
The heat in North America during the first 10 days of July has certainly got the market building in another weather premium. Areas that got hit with the most hit include southern regions in Western Canada and the U.S. Northern Plains. Temperatures in the 90s hit most of the corn belt and are expected to continue this week, especially in the western half of the region. Without enough moisture to compliment the heat, this is what’s helping drive corn and soybean prices this morning.
Grain markets are the red as traders look to book in some profits after the recent rally, especially in wheat. Soybeans had a solid day yesterday, with the new crop November contract creeping closer to $10 per bushel again on Chicago futures board.