The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Andy is a seasoned grain market analyst and the senior account executive at Walsh Hedging. His main focus is assisting producers and end users to better hedge their investments through his various market strategies over his years of experience working on the grain floor.
Good afternoon. The grain complex had a choppy two sided trade for most of the day but a late day selloff in wheat caused corn to drop too. May soybeans opened 5 ¼ cents higher but the inability to take out yesterday’s highs plus talk of the overbought condition of the market helped spark some long liquidation. May beans finished down 9 ¾ at 1369 ¾. New crop November beans was down 1 ¾ at 1327 ¾. The big loser of the day was May wheat which finished down 19 ¾ at 639 3/4 and gave back most of the gains from the last three trading sessions. The light weather concerns with dryness in Europe and the cold weather concerns for the US crop has helped support wheat the past couple sessions but the sellers came back into the market with the improving crop conditions and ideas that global supply looks more sufficient for the coming season. May corn opened higher but continued fund liquidation from yesterday coupled with the weakness in wheat helped May corn finish down 7 at 630 ¾. New crop December corn was down 3 at 550 ¼. May corn is down more than 25 cents from Monday’s highs. December corn had its lowest close since January 18th. All in all, I expect more of this choppy two sided trading as positioning continues until the key reports on Friday.
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