Corn and Beans going different directions today!
Beans are giving back some of their gains of the last few days. The dollar is higher which is a little negative but providing support is no more China cancelations of beans purchased from the United States. Certainly there will be more, however as bean prices move higher we should see fewer cancelations. On the other hand corn is higher today along with wheat. Gordy mentioned today at 11:15 that it sure looks like some “spread unwinding” today. The funds had been long beans and short corn and wheat. Unwinding some of those spreads would mean beans lower and corn and wheat higher and that is exactly what we are seeing today. The weather and the forecast in South America isn’t much different than yesterday so there is not a lot of “news” to move the markets today!