Jeff Hoogendoorn Discusses Whether or Not Corn and Soybeans Have Priced in the Most Bearish News

Corn and soybeans rally Thursday putting in some weather premium but may have reached a value level which is uncovering strong end user demand.

Grains all end higher Thursday with a strong technical close in corn and soybeans.

Jeff Hoogendoorn with Professional Ag Marketing says the grain markets saw fund short covering as traders were adding some weather premium on hot dry extended forecasts and ideas of yield may be trimmed.

He thinks the markets have also priced in the most bearish scenarios for yield.

However, new crop exports for corn and beans were also supportive with the weekly export total on soybeans at 96.1 million bushels and corn at 58.8 million.

This may be evidence he says that prices have gotten cheap enough to stimulate demand.

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