Volatile Week For Corn and Soybeans
It was another week where corn was under heavy selling, especially by the funds. However, corn did bounce off the lows and only lost about 4 cents on the week. It was a small moral victory just to see corn stabilize after about 3 weeks of big losses. Traders continue to focus on the record or near record high crop ratings for this time of the year, more rain in the forecast for this week and no very high temperatures. I did read one analysis mention the excessive rains along the I 90 corridor in South Dakota, Minnesota and Northern Iowa.
It was a moral victory in beans too last week only losing about 14 cents. The last 3 weeks is one of the largest and fastest drops I can remember. On the air Gordy said it is similar to the Russian Grain Embargo implemented by the Jimmy Carter Administration. This week we could see even more excitement and price movement. This afternoon we get the normal crop condition report, Thursday is the export sales, Friday is the quarterly stocks, then one of the biggest reports of the year, the acres report.