Corn futures close out the day with contracts 4 to 6 ¼ cents lower in the nearbys. December was still up 5 ¼ cents over the course of the week.
Export Sales data showed old crop corn with net reductions of 173,097 MT in the week of August 29. That was below estimates calling for net reductions of 100,000 MT to net sales of 200,000 MT but normal for the last week of the marketing year. New crop business was reported at 1.822 MMT, which was a MY high and above the estimated range of between 0.7 to 1.4 MMT. Mexico purchased 806,000 TM of that total, with 475,800 MT sold to unknown destinations.
Sorghum sales totaled 61,950 MT for old crop and 251,000 MT for new crop. The total for the two marketing years of 312,950 MT is the largest since February. China was the buyer of the bulk.
Friday afternoon’s Commitment of Traders report showed spec funds covering a total of 65,697 contracts in net over the short week that ended on September 3. That took their net short posit. Read more
Educational and Actionable information using Fibonacci and W.D. Gann analysis.
LEV24 : 175.175s (-1.17%) HEV24 : 79.500s (-1.49%) GFX24 : 228.025s (-1.58%)
Educational and Actionable information using Fibonacci and W.D. Gann analysis.
LEV24 : 175.175s (-1.17%)
Cattle prices break down, hogs end week lower
Once again, Jim's analysis sharply focuses on the critical importance of teleconnections in forecasting crop weather.
KCZ24 : 236.00s (-3.36%) OJX24 : 480.00s (-2.39%)
Soybean and Cattle Markets Break Hard and The Rest Follow
Corn Sees Week-End Pressure on Friday Barchart - Fri Sep 6, 4:42PM CDTCorn futures close out the day with contracts 4 to 6 ¼ cents lower in the nearbys. December was still up 5 ¼ cents over the course of the week. Export Sales data showed old crop corn with net reductions.
Soybeans Fall Back to Minimize Weekly Gains Barchart - Fri Sep 6, 4:42PM CDTSoybean futures posted 18 to 19 cent losses across the nearby contracts on Friday. That took the gain over the course of the week for November to just a nickel. Soymeal futures were down $1.90/ton in.
Wheat Slips Back on Friday, Still Higher on the Week Barchart - Fri Sep 6, 4:42PM CDTWheat futures saw Friday losses across the three exchanges. Chicago SRW futures were down 7 ¾ cents in the nearby contracts, as Dec was up 15 ½ cents since last Friday. KC HRW was 11 ¼ cents higher.
Will Reversals Pressure Prices?
In my opinion, a large portion of the losses caused by the news of Anthrax outbreak at the end of the week merely accelerated the decline already in place, but did not initiate it.
The Barchart Trading Guide is a Buy Signal with a Weak Signal Strength.
| Symbol | Last | 3M %Chg |
|---|---|---|
| ZCN21 | 683-0s | +17.86% |
| Corn Jul '21 | ||
| RJA | 9.16 | +4.27% |
| Rogers Agriculture ETN Elements | ||
| GRU | 5.43 | +0.84% |
| MLCX Grains Index TR ETN Elements | ||
| DBA | 24.22 | -5.13% |
| DB Agriculture Fund Invesco | ||
| CORN | 17.89 | -10.91% |
| Teucrium Corn | ||
| 3rd Resistance Point | 691-0 |
| 2nd Resistance Point | 689-0 |
| 1st Resistance Point | 686-0 |
| Last Price | 683-0s |
| 1st Support Level | 681-0 |
| 2nd Support Level | 679-0 |
| 3rd Support Level | 676-0 |
| 52-Week High | 750-4 |
| Last Price | 683-0s |
| Fibonacci 61.8% | 596-1 |
| Fibonacci 50% | 548-3 |
| Fibonacci 38.2% | 500-5 |
| 52-Week Low | 346-2 |
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