Question of the day; Are the people proclaiming the yield is not there today the same ones proclaiming the acres were not there last year? Certainly, some similarities in market action and emotion.
After a soft open last night, markets found buying interest and turned higher. At 0600 CZ20 trading 1 ½¢ higher at $3.71 ¼ with SX20 4 ¾¢ higher at $10.27 ¼. Both contracts showing solid volume of 31 and 41K contracts respectively. Chi and KC wheat 6¢ higher this morning as well.
Dow futures a scratch higher this morning after yesterday’s steep decline. There is a reason people say, “Chart Gaps get filled” Take a look at the Dow chart attached.
Crude up 29¢ this morning at $39.60. US $ giving some of yesterday’s big gains back this morning.
Corn G/E rating improved 1% on the week to 61%. Not unprecedented but not the norm to see improvement this time of year. Improvement more an indication of yield potential than cosmetic appearance? Corn rated mature at 59% with average this date at 49%
Soybean G/E rating unchanged at 63%. Harvest at 6% nationally with LA 66% complete and 7% ahead of normal pace. Nationally soybeans dropping leaves at 59% and near 10% ahead of normal.
Dalian corn futures lower overnight after testing the previous high. Technically, further weakness on the Dalian expected.
Funds credited with selling 25K corn and 15K soybeans yesterday leaving them net long 61K corn and 219K soybeans.
Yesterday looked at the Hope, Greed, Fear and panic price continuum on soybeans. Interesting to see just how close that plays out this year. October crop report might have a lot to say one way or the other.
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