I wonder how many got caught the wrong way on corn price, today
Going into the end of week Wednesday, corn was lower
China warned of severe consequences if Trump signed the bill in support of HK. Trump signed the bill
Then some opined that china might be all bluster as they wanted a trade deal as much as Trump
SO; Today corn is up strong. One would think china has put the HK bill from the USA behind them and are looking forward as before. It is not as if the USA will land troops on HK so what does China care. They are playing the long game in HK. They can not afford to forget but time is on their side. People can only stay in the streets for so long, and then China will move in and make arressts.
Some might alsso look at the acres of corn and beans not harvested. Although not as large as a month ago, there are crops in the field. If they got snow, wind etc the field losses will be higher and next yrs crop may be affected.
Some chart people opined that you have to hit rock bottom before going up. This is the natural rythem of all markets [up and down]. But the question was and is??
Has corn hit rock bottom
I dunno but that much green is encouraging
Corn crop is not there and basis levels tell us that.
Funds have been piling on the short side for weeks are absent today, so the price can bounce up to where is should be.
Wheat is also very supportive.
Argentina weather has definitively turned bullish.
No rain for corn(and beans) the next 2 weeks.
Brazil weather is still bearish though and that affects beans the most.
Beans are still lower today, so they are not following........possibly because of negative news that you mentioned regarding China.
The lows should be in for corn.