Market Thoughts 7.09.23
Updated: Jul 10
This week played out mostly as expected – favorable weather helped press corn to new lows and left beans unable to build on their post-report gains.
Wheat fared better as the combination of more rumblings out of Russia, too much rain for winter wheat harvest, and expanding dryness across Canada provided support.
We’ve been discussing the expectation of a corn seasonal low occurring sooner than normal, likely at some point in July. Were the July 5th lows then, accompanied by a one day Strong Buy signal, the seasonal lows?
One helpful sign is that between the massive price collapse in U.S. corn futures and...Click here to read the full analysis