Corn and soybeans make fresh lows 7/16/09

Published on: 17:28PM Jul 16, 2009
Sep 09 Corn
316 ¾  
- 12 ¾ 
Dec 09 Corn
325 ¼
- 12 ¼ 
Aug 09 Beans
- 44 ½
Nov 09 Beans
- 14 ½
Sep 09 Wheat
533 ¼  
- 1 ½
Sep 09 KC Wheat
559 ½ 
- 1
Sep 09 Min Wheat
- 4 
Dec 09 Meal
- 6.9
Dec 09 Oil
- 0.32

Corn and soybeans closed sharply lower, wheat followed. Well, “When it’s over, it’s over.” Corn and wheat both made new lows for the move today. Nearby soybean prices closed 45-cents lower and nearby corn closed 13-cents lower. All soybean contracts are now under $10/bushel and new crop soybeans are back under $9.   There isn’t much to say that hasn’t already been said. High prices this summer rationed demand and cured high prices. The weather has been good across the globe and looks to stay that way. Some people are worried about having and early frost. I certainly won’t argue that an early frost will hurt the crop, but that is a long ways away. At this rate, you will need a frost in September to get prices back to where they just came from. I would still be hedged and worry about an early frost when/ if it happens. There is still a lot of money moving around in these markets. Most people are always bullish. This will continue to give us selling opportunities. Corn and soybean prices are higher nearly every night. Soybeans have traded higher every day for the past 2-weeks. I know prices aren’t as high as many of you were hoping, but unfortunately I don’t see a reason for a sharp rally. 
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