It was a great week for corn and soybeans even with a very bearish USDA report on Wednesday. After the report corn and beans traded lower but by the close managed to get a little above unchanged. Then corn and beans exploded higher Thursday and hung on to almost all those gains Friday. It was almost the exact opposite of the July USDA Report that was bullish and the markets collapsed to close sharply lower!

GORDY RECAP 8-14 (2)

This USDA report the funds were short an estimated 200,000 contracts and corn was very near contracts lows. Maybe they did not want to push the market lower or maybe there was enough buying that they couldn't? The beans are nearing the top of the recent range but the corn charts look encouraging. It is quite unusual but December corn has a triple bottom in place which is a pretty powerful technical signal.

 

It likely did not hurt the bulls argument that the storm with 100 mile an hour winds destroyed as much as 400 million bushel of corn Iowa and other states. Click on the link above and listen to Gordy talk about the markets.

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