Cooler weather continues to be a concern for the late-planted crop, if it stays in the forecast through the weekend, we would expect to see more premium come into the market.
U.S. and Chinese trade talks look more optimistic - for the moment. Trader focus on cooler weather in Midwest and early frost.
Daily ranges have started to narrow as market participants search for new news. Market participants will continue to keep a close eye on weather as cooler temps work through the Midwest. The risk of an early frost still lingers in the back of our minds.
December corn futures tried but failed miserably to work higher on the back of positive news regarding trade with Japan, cooler weather, and the Pro Farmer crop tour findings.
Corn futures finished last week’s trade with a new closing low. Headlines regarding trade with China have been bi-polar over the last 48 hours, seen by the broader grain market price action.
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.