Up and down week for markets
Markets were up and down this week and now all eyes will be on next Thursday’s WASDE report from USDA.
Corn tested the $3.45 level and we saw some badly needed rainfall in the eastern Corn Belt, says Wayne Nelson with L&M Commodities in New Market, Indiana.
“In our area, we just got a little over two inches and there is no water standing.”
According to Nelson, soybeans keep trying to “claw” their way back up.
“That $9.70 seems to sort of hold us on the top side and the $9.60 is pretty good support,” Nelson explained.
Next week’s USDA report will tell us a lot as yields have been better than expected in many places. The trade will pay close attention to the report for at least a month, until we see what South American planting weather does.
“All of the advisory firms are inching up their estimates, getting close to the government as we go toward that report,” added Nelson.