- Both corn and soybeans are nearly unchanged after taking larger losses on Friday.
- Corn saw heavy fund liquidation on Friday, which caused the drop.
- The EPA reaffirmed its commitments to biofuels last week, causing the initial spike in soybean prices before it tailed off
- Chinese corn imports were up13 fold on the year for September
- Corn made its lowest contract price for the life at $3.445 on Friday. It remains to be seen whether corn will hold this point within the current trading range.
- For corn bulls, the higher recent soybean price trend is keeping corn from falling lower than it already is amidst better than expected yields.
- Wheat continues to see sideways trade with support at 4.30 and resistance 4.45.
- Brazil will only see spotty showers with average to above average temps in the North
- Argentina is expected to be fairly dry this week before rain comes near the end.
- Much of the Midwest experienced rain over the weekend, which will slow down harvest activity after a strong week
- US corn belt temps are expected to fall to below average while weather is expected to be dry the rest of the week.
- Any bullish saving grace for corn prices lies with soybeans. After fund liquidation put in poisonous technical signs on Friday and yield reports still strong, any upward price movement lies directly with soybeans. So far, corn remains in a low trading range.
- Soybeans spent last week correcting their prices after earlier moves higher. Eyes are still on South American weather as US yields continue to be good. There are no signs yet of soybeans taking a bearish turn. As of now, the pullbacks last week only look to be a correction, but prices are expected to remain on their general upward trend.
- Wheat has no reason to trend upward unless corn does also. It currently sits at the low end of its own trading range.
Fun Fact of the Day: Grass makes us itch because the tiny edges and bristles make small cuts on the skin that you can’t see. This is the reason they are called “blades” of grass.