Go here for latest weather that's effecting the growing crops:
Export Sales........not so good for corn/beans:
When corn is up 6c and beans were down double digits, its impossible to explain from just weather.
For sure the wheat breaking out higher in a massive way up another 20c is helping corn a great deal. The forecast has some heat, which will cause heat fill and smaller kernels but the forecast was actually hotter yesterday.
Much more rain in the week 1 forecast today, which will likely help beans the most...........so that would explain beans being down sharply. Also less heat.
The solid lows are in for corn!
CZ Trading 35c off the lows right now and 43c off the late May highs. Charts below are for the front month Sept.
Corn historical perspective:
Who remembers $8 corn not so long(5 years) ago
3 month below
1 year below
5 year below
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Lows are in for beans! I think (-:
Previous thoughts Tue/Wed:
SX gapped higher on the open Tuesday. This was clearly a break away gap as viewed from Tuesdays's trading(gap between 899-905). We closed close to the highs, up almost 30c. However, on Wednesday, we went down to 900 and whittled the gap down to 1c(899-900) and have traded in the gap for much of the morning. This very weak trading, if it would continue and we fill the gap, would cause yesterdays technical formation on the charts to be a buying exhaustion(gap and crap) and be bearish.
Thursday thoughts: We filled the Tue gap and traded as much as 15c lower today. The market is too volatile for these gaps to have their typical meaning.
SX is 60c+ off the lows(which were 10 year lows), still over $1.60 off the late May highs. Charts below are for the front month, Sept.
Soybeans: Wider perspective: Currently just above the 10 year lows !!!!!
Soybeans 3 months below
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Soybeans 1 year chart below
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Soybeans 5 years below
Soybeans10years-Wow, look at that high from the drought of 2012...and demand, currently, we just bounced off of 10 year lows!
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Wheat and corn at multi year highs,on the Paris exchange, going parabolic (headed to blow off top).Weather in Europe hot and dry. That,s why corn and wheat are better than beans. Also I think i read about Austria having weather problems with their wheat.
I think the forecast for Europe is for high heat and dry from Spain across France and Germany over to Ukraine and Russia.
Yes World Weather is supportive for Wheat BUT today the rumor was the Ukraine was going to limit wheat exports.
Funny how nobody caught that news today not even at AGTalk
Thank you bcb. Good information on the wheat.