FOR WEDNESDAY: (7/13) Not sure what we learned from the reaction to Tuesdays reports other than the funds will buy overbought conditions if they think there is any hint of prices going up. We’re open to higher prices into Friday and if the weather changes it looks like the market could dump early next week. If not, beans might get carried along the path of least resistance.
Cattle are still a sale on bounces and hogs may need to be higher for 1-2 days. Soybeans were helped by new forecasts showing hot weather moving into the Midwest.
