Beans project 990 or 999 before the next sale

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…


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Bearish grain cycles this week

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…


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Higher meat cycles into Wednesday

FOR MONDAY (7/25) Profit-taking finally set in at the close for grains but not after major capitulation. Key support for corn held at 333 and beans went through our lowest target of 976. The latest 6- to 10-day (July 26-30) outlook also lacks extreme heat for the western Midwest and has above-average chances for rain….


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Lower support targets near for cattle, hogs

FOR FRIDAY (7/22) Thursdays are often lower for grains and even with hot temperatures, the market did not disappoint. This week will be hot with highs of 100 degrees or more in Nebraska and western Iowa and mid-90s elsewhere in the Midwest. But the heat is expected to ease after this weekend with highs dropping into…


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Oversold status for grains

FOR THURSDAY (7/21) We failed to get a grain bounce and we have been patient with July but the failure is really bad news with very oversold conditions. Forecasts showing less intense heat next week sent corn and soybeans lower on Wednesday, with corn setting contract lows in all months and soybeans tumbling near midday…


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Patterns suggest very oversold conditions for grains

FOR WEDNESDAY: (7/20) We warned you how these bullish forecasts can quickly change. The NWS’s latest weekly and 6- to 10-day (July 24-28) outlooks indicate this week’s hot weather of 90 and 100-degree highs will be brief, likely lasting through Friday, with next week’s highs expected in the 80s. Also, rain last week and through…


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Grains due for a bounce?

FOR TUESDAY: (7/19) I suspect that markets are oversold enough that we’ll get a bounce if we can get in from lower levels at pattern completions. Corn, soybean and wheat closed higher on Monday as traders await the severity and duration of this week’s Midwest heat wave. For the Midwest, forecasts put 100-degree highs from…


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Grains look lower next few sessions

FOR MONDAY: (7/18) Rains last week focused south of I-80. That’s expected to change into early next week, according to maps for the next seven days, as milder temperatures begin to give way to heat from the Southwest. Official 6- to 10 and 8- to 14-day forecasts out yesterday show the warmer and drier pattern…


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Weather sparks bean reversal

FOR FRIDAY: (7/15) We warned you how fickle these forecasts are how they can quickly turn. Soybeans made a sharp turn lower at midday and closed sharply lower as new forecasts apparently favor rain next week for the Midwest crop and indicated the heat wave then may not last long. Previous hot, dry forecasts for…


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Corn pollination may finish before heat arrives

FOR THURSDAY:  (7/14) Forecasts put 90 to 100 degree temperatures in key soybean areas next week, which could hurt crop development. Corn closed higher, although gains were pared late, on lingering support from Tuesday when USDA raised this year’s exports, partly because of an expected smaller crop in Brazil. Soft red winter wheat finished about…


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