Grain futures rallied sharply today, but the “adrenalin rush” cooled off after the opening. There was no surprise in USDA’s corn and wheat ending stocks estimate, but traders were caught off guard by the reduction of soybeans to 185 MB. However, profit taking developed around mid session creating reversal patterns in corn and wheat. The[…]
Corn Outlook: Corn futures are being supported by the Fed’s proposed quantitative easing program that is weighing on the dollar. In addition, traders are bullish expecting the USDA to lower their yield estimate in the crop report next week from the current forecast of 155.8 bpa. In other developments, export inspections were disappointing at[…]
Corn Outlook: Temperatures are soaring in corn futures keeping traders nerves frayed. Prices were slammed two weeks ago because of the bearish stocks report. However, the heat turned up the following week when the USDA slashed their yield estimate to 155.8 bpa from 162.5 bpa. With over a $2.00 price swing within a two-week period,[…]
Corn futures are leading the charge in grains. Be advised that once prices peak, a sharp sell-off is to be expected.