Morning Market Review by Bryce Knorr
Morning Price Trends
Corn: Down 5 to 10
Soybeans: Down 15 to 20
Wheat: Down 15 to 20
Tuesday’s selling looked mostly like mere end of the month profit taking, after prices quickly turned around overnight. But renewed worries about competition out of the Black Sea in wheat turned the market lower again in Europe, with losses steepening as traders showed up in Chicago.
Corn prices are lower today, and December futures are seeing some chart related pressure after breaking support around $8 overnight. While corn appears to be a follower and not a leader in today’s downturn, wetter forecasts in some areas could also encourage profit taking before more private estimates come out ahead of next week’s key Aug. 10 report from USDA.
