[Listen] Gordy AG Market Weekly Recap
Corn struggled this week because it seemed like the funds wanted to sell corn. It began with last weeks USDA WASE Report that was pretty much friendly all around. Corn gapped lower and the trend continued until about the middle of the week. It did not held even with the USDA announcing the second largest corn sale in history to China at 1.36 million metric ton! In addition in the weekly sales report Thursday of about 38 million bushels China was the largest buyer.
Not that I am complaining but on the other side the funds seem to want to buy and own beans. It is quite unusual that the funds are selling corn and buying beans. Normally if they are selling corn they will be selling beans too? The weather or the forecast will be key to how we trade Sunday evening for the overnight session and the first computer "runs" Monday morning. Some forecasts are still calling for very high temperatures and below normal rainfall. Click on the link and listen to the Weekly AG Market Recap.