Good Week For Grains Even With ‘Negative Anticipation’ From USDA Report
Both corn and beans had a pretty good week even with the USDA June Supply Demand Report. The USDA did not make much in the way of changes to the corn or bean carryover estimates. In fact, traders were anticipating increases so maybe it was even a little friendly.
Looking at the charts corn is still above the uptrend support and beans are near the top of the trading range. It was encouraging that corn and beans held Thursday even though the stock market was down around 1800 points. It helped too that the dollar was working lower along with the Brazil currency working higher.
It helped to that traders were talking about some long range forecasts talking about a high pressure ridge setting up. Traders seem to understand hot and dry! Click on the link and listen to Gordy's comments about the grain and livestock markets last week.