Technical Comments only this morning Wheat A rather uneventful session for July wheat on Wednesday but the first lower close in 5 sessions. We lack confirmation if the test of the 6.50 level this week completed this recovery, but I suspect that may have been the case. A close now…
Commentary
Daily Comments
Apologies in advance to the 18th-century author that first published the original rhyme; Monday’s market is in your face, Tuesday’s market can often retrace, Wednesday’s market is full of woe, Thursday’s market has little to go, Friday’s market is not forgiving. Needless to say, I do not have a promising…
Daily Comments
Lower crop ratings were all the incentive that buyers needed to carry corn and bean prices higher overnight. While a good/excellent rating of 61% in corn and 59% for beans would not suggest crop failure, each had slipped 3% during the week, and with little moisture in the forecast, shorts…
Daily Comments
With generally disappointing rainfall across the Midwest throughout the weekend, it would appear that the official 2023 weather market is upon us, most specifically in corn. Knowing that large speculators came into this month holding a fairly sizable short position, one has to suspect the majority of the buying has…