New CBOT Contract Lows Abound in the Grains; US/China Tension Weigh on Price; Midday GFS Forecast Wetter
Rising US/China political tensions and the coming August USDA crop report have pressured CBOT grain/soy futures into the weekend. Funds are large net sellers with amid bearish technical considerations. September corn has scored new contract low at $3.0725 with weekly chart support noted at $3.00. A test of this support is anticipated next week. Kansas…