FOR WEDNESDAY (7/27) Winter wheat finished down 11 to 14 cents to pull corn down about 2 cents. A big U.S. harvest and talk this week that Russia may have its biggest wheat crop in more than 20 years weighed on wheat. Eyes are on North Dakota, where storms this week could be harmful to the mature spring wheat.
Still, patterns suggested a 3-wave pullback should be bought and we would rather be long wheat. Beans project 990 or 999 before the next sale will come in, and we probably won’t get a decent risk/reward to be selling corn but will keep orders in.