Grain Market Sells Off On Profit Taking
Grain Futures—The grain market sold off today with soybeans in the November contract selling off more than 20 cents to close around 15.06 a bushel blamed on profit taking as well as improving weather in the Midwest with temperatures dropping into the low 80s for the next 7 days. Corn futures dropped 16 cents a bushel also on improving crop conditions as well as traders taking profits ahead of the weekend. Wheat futures were down 24 cents reversing much of yesterday’s gains while oat futures sold off 4 cents to close around 3.60 a bushel right near new highs. I remain very bullish the grain sector because of the fact that the crops are in deep trouble if the hot and dry pattern continues in the next couple of weeks causing supply concerns in soybeans which already have a historically low carryover. Rumors are circulating that China is scrambling to load up on soybeans because they fear a shortage also causing prices to move higher. July 11th is the first crop production report which is next Wednesday which will give the market some fresh fundamental news to dictate short term prices.
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