The market has very little weather premium built into the market as forecasts look non-threatening.
December corn futures were able to recover from early weakness in yesterday’s session as money flow and technicals continue to look constructive.
The grain market giveth and the market taketh, that was the theme in yesterday’s trade. Profit-taking coupled with a retreat in oil prices led to weakness in yesterday’s session.
Corn futures sprang higher yesterday on the headlines around the energy sector spiking oil prices which trickles down into strength in ethanol and corn.
The market managed to rally in the back half of the week, following a “blah” USDA report. We view the inability to break the market on a bearish report as a big positive.
We got two new headlines last night, one that said the U.S. would delay the increase in tariffs until October 15th. The other was that Taiwan would step in and buy 3.6 billion dollars in American agricultural products.
Grain trader's attention will now turn to Thursday’s USDA report. Bolton fired and the next headline that says the US and China will be meeting to discuss trade (which is inevitable) will suddenly carry a little more weight.
Grain trader's attention will now turn to Thursday’s USDA report.
December corn futures marked new contract lows last week and finished near the low end of the week’s range. The technicals remain extremely weak, but bulls are hopeful that this week’s fundamental calendar will start turning the tide.
Soybean futures got smoked yesterday, finishing the session down 12 ¾ cents. Much of the pressure was technical in nature, but also due to decreased concerns of an early frost.