It’s not breaking news that there is some weakness in the grains and oils.
In many ways this is just the natural cycle of supply and demand and the follow through from the high prices on the back of poor growing conditions in recent seasons.
I wouldn’t like to be picking a bottom in corn as we are still selling continually as crop conditions keep getting better.
We’re currently at 76% rated good to excellent.
The Commodity Report is short corn and holding.
Price action has been a little different in Soybeans however.
While we continue to sell there are some interesting signs. NOPA crush numbers were a little weak while oil stocks declined slightly. Price action has been showing some signs of buying.
Interestingly the moves really happened before the number.
Nothing to do for now, but watch this space.