What Traders are Talking About:
* Crop Tour starts next week. The Pro Farmer Midwest Crop Tour starts with an informational meeting Sunday and scouts will be in fields across the Corn Belt Aug. 22-25. Pro Farmer will release our national corn and soybean production and yield estimates Friday, Aug. 26, at 1:30 p.m. CT. For more details on Crop Tour, click here.
The long and short of it: I will not be updating "What Traders Are Talking About" next week. Instead, look for my observations and commentary from the eastern leg of the Pro Farmer Midwest Crop Tour on our home page.
* Crops take another 'hit.' Heavy rains, high winds and large hail ripped across parts of the Central Plains and western Corn Belt last night and into the overnight hours, causing crop damage in impacted areas. More severe weather is in the forecast for the same areas through tonight.
The long and short of it: This was yet another "hit" to corn and soybean crops in a year when every bushel of production is needed.
* Global markets remain on the defensive. Followthrough panic selling amid global economic concerns lingered into overnight trade, further pressuring global stock markets, U.S. stock futures and commodities, while safe havens such as gold, silver and bonds soared. Concerns with a double-dip recession are heightening. Grain and soy futures are being impacted, but selling interest is relatively light compared to the stock market thanks to bullish fundamentals.
The long and short of it: It's a confusing game of bullish fundamentals versus global economic concerns in the grain and soy markets. That's likely to keep near-term price action highly volatile.
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