Wheat
Wheat sees short covering Wednesday and tries to rally with corn after key reversals Tuesday in both markets. Soybeans take a break on Midwest rains. However, Craig Turner with StoneX thinks long term lows are close.
Corn and wheat score key reversals after making new contract lows, while soybeans continued higher for a third day.
Soybeans close higher for a third session still putting in weather premium. Cattle and hogs also saw strength with end of month and quarter positioning.
Corn sees short covering as well with lower crop ratings by 2% and Mexico buying around 5 million bushels of new crop U.S. corn.
Soybeans and products were all higher on Monday, while corn continued to see technical selling and long liquidation ahead of first notice day on Friday.
Cattle shook off a bearish a Cattle on Feed placements number, while hogs consolidated. John Payne with Advance Trading, discusses where the markets head next.
Pro Farmer Lowers Corn Yield and Production From USDA’s August Estimate, But Raises Soybean Yield and Production to Record Levels.
Wheat sees a short covering bounce, while cattle fall with fund liquidation and lower cash.
Farmer Selling of Old Crop Corn Pushes September Into New Contract Lows
Agency Makes Adjustments to Spring Wheat Production and Acreage.