Overview: The grains were firm in the overnight session, but lost their momentum during the pit trade because of the rebound in the dollar. While the Commitment of Traders Report on Friday showed that the fund long position in corn is below the record set in early October, their longs in soybeans has risen to[…]
Overview: China unexpectedly raised their lending rate for the first time in three years by one-quarter point. This caused the dollar to soar, the Dow lose nearly 200 points, and gold to tank nearly $40 today. As a result, there was a sharp knee-jerk reaction lower the grains. Traders fear that China’s action may cool[…]
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,[…]
By Whitney McFerron – Oct 12, 2010 11:22 AM ET Wheat futures rose for the third time in four sessions on speculation that dry weather will harm winter crops that U.S. farmers are planting in the Great Plains. Fields in Kansas and Nebraska will be dry through Oct. 16 after “a few light showers” today,[…]
Overview: Corn and soybeans were higher again today as the funds are buying back the positions that they liquidated early last week. Right now, traders are wildly bullish, which is predictable considering the bullish USDA report on Friday and the current stage of the pattern that we are in now. However, as I mentioned in[…]