Corn Plunges on Fund Profit Taking; Basis Levels Firm; China Active in Securing New Crop Supply: Nothing has changed for corn fundamentally. However, the market was overbought ahead of a key USDA monthly crop report. A correction ensued with key chart support noted below $7.00 in July and $6.00 basis December corn futures. Farther downside…
Wheat Markets Correct Worldwide; Sizable Discount to Corn Uncovering Demand: World wheat markets ended sharply lower on Monday. The break was a function of profit taking amid heavily overbought charts – both in the US and Europe. AgResource also notes that boosts in soil moisture are scheduled across the whole of Western Europe and the…
Highlight: Heavy Rains Southern Plains/Mid-South U.S. during medium-range via the 12Z GFS. Fig. 1-2: The 12Z GFS day 6-10 precipitation anomaly forecast and day 6-10 temperature change from 12 hours ago. Discussion: In the 6-10-day forecast the midday GFS projects an energetic upper flow that propels some wet weather just north of Wisconsin early…
CBT grain/soy futures are sharply lower at midday on fund liquidation ahead of the USDA May Report which will be out on Wednesday at 11 AM CT. Fund managers hold windfall profits on long CBT positions and banking some of that profit makes perfect sense ahead of the unpredictability of a USDA report. However, the…
Click here to view the data
Contact
submission
You have successfully added an item to your cart! You may view the contents of your cart and proceed with checkout, or continue shopping.
Multiuser
subscription
How many users would you like to add?
