One Tweet and a Big Rally In Beans!
The grain markets were struggling last week until Thursday. President Trump tweeted that he had a very nice talk with the President of China about trade. That must have gotten the bears "spooked" because all at ounce beans rallied 30 cents a bushel. Just before 11:15 I checked the market action. I went on the air and asked Gordy what happened, not that I am complaining about beans being up 30 cents! Gordy said the only reason they could see was the Presidential tweet! Thanks to the tweet, the bean charts have a outside reversal higher.
The corn market moved higher Thursday thanks to the tweet too. It was the second week in a row corn saw a higher weekly close which was encouraging. Harvest pressure should be decreasing as we should be well beyond 75 percent harvested in this afternoons crop progress report.The cold, dreary and wet forecast for much of the Mid-west will slow harvest of the remaining corn. It helped too Friday that the USDA announced a daily sale of 7.9 million bushels of corn to Mexico.