FOR TUESDAY (7/26) Weekly progress reports were bearish for corn and beans and we have noted that cycles are bearish this week. We are stuck with very oversold conditions and no risk/reward for selling unless prices can go higher. The wet conditions added to a bearish mood that developed following last week’s 30-day outlook that lacked crop-damaging heat.
Corn finished about unchanged as that market has stabilized after falling earlier this summer as it became apparent the crop would move through pollination unharmed. Hogs have turned the corner on the week so you can buy dips and cattle will be hard to play after going limit up.
