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Corn: Prices remain pressured by mostly favorable U.S. weather. Soybeans: Mostly favorable weather plus escalating trade tensions with China are keeping the trend down in soybeans. Wheat: Winter wheat is trending lower, interrupted by rain concerns. |
Newcrop Beans dropped thru guard rails By hayman - June 24, 2018, 9:59 p.m.
Daily candlesticks, November Soybeans
Breaking down through the lower tine of the Andrews Fork was some heck of a signal. That I saw happen in front of my face and did not take because of my dang permabull bias. Read horror stories of traders caught, one even whipsawed both ways that crazy dip day. What is that old saying, "better out, wishing to be in rather than in and wishing to be out"!
By metmike - June 24, 2018, 10:10 p.m.
I like that saying Hayman.......and your wonderful chart.
SX now down almost $1.60 from the highs just 3 weeks ago........which were $10.60. Wow!
Lows from last Tue/19th are 864.5.........so we are 40c above the lows.
Trade wheat, sleep in the street
By hayman - June 24, 2018, 10:05 p.m.
December wheat candles and guardrail smash
By hayman - June 24, 2018, 10:10 p.m.
September Oats
Instead of blowing chunks like the rest, oats taking this opportunity to make a easy double bottom out of this!
By metmike - June 24, 2018, 10:21 p.m.
Very interesting that oats have held here.
Wonder why? Crop conditions for oats are also pretty good.........70% gd/ex but not AS good as corn/beans/Spring wheat.
Alot of old timers remember the expression "Oats Knows!"
By mcfarm - June 24, 2018, 10:21 p.m.
over due for a bounce in grain...tonight may end the blood letting..."oats knows"
Monday thought:
Regarding Oats. The fact that we don't export alot of them could have alot to do with it......metmike
By hayman - June 24, 2018, 10:17 p.m.
Seems United States grown rice is suffering similarly. September daily here.
By metmike - June 24, 2018, 10:30 p.m.
CZ down 55c from the highs of 3 weeks ago......just above $3.73 at the moment.
Around 13c above the spike lows from last Tue/19th that were $3.60.
Corn and Bean charts from 3 months to 10 years:
Export inspections from this morning:
Crop condition/ratings from Monday Afternoon:
Nothing noteworthy.
Corn -1% to 77% gd/ex
beans unch at 73% gd/ex
Spring Wheat 77% gd/ex -1% from last week.
Oats 72% +2%
Cotton 42% gd/ex +4% Cotton 19% P/VP -7% from last week, WOW!
Article is from a few weeks ago but the beatings continue.
Yes, for sure prices would not have been pounded this low in just 3 weeks without that being a factor.
That article came out in April and we managed a huge rally after that thru April/May...........mostly on a weather scare.
Now that rains have bombarded the key areas.......too much in fact, it will be much harder for hot/dry to turn this around.
A week of hot/dry is actually bearish in many places right now.
Will we even get 2 straight weeks of hot/dry this Summer?