Friendly start to the Pro Farmer crop tour. The weekly crop progress report was released yesterday afternoon, showing the U.S. corn conditions at 56% Good/Excellent, down 1% from the previous week and 2% below expectations.
November soybean futures tried to gain ground early last week but failed to attract new buyers near the psychologically significant $9.00 handle. We saw several headlines that had a positive spin, all of which were sold into.
U.S benchmarks are off to a strong start this week. One is welcome to credit this action to hopes on U.S and China trade negotiations, however, the move began after pinging major three-star support on Thursday and the reversal is much broader.
December corn futures finished lower yesterday as longs continued to liquidate and shorts pounced. Crop tours will start hitting the roads in the coming weeks, this will likely have some influence on price action.
December corn futures continued lower yesterday as the bull camp threw in the towel, some likely forced by margin/risk departments. Soybean futures caught a bid yesterday, thanks to new news that suggested a delay in additional tariffs