Corn: China demand is limiting the downside in corn, as well as running into support, but weather throughout the rest of July seems to be favorable, at least for now. Watch for continued choppy trade the rest of this week until we have a more solid fundamental reason to trade more directionally.
Soybeans: Soybeans seem to be stuck in a technical trade. Ranging between the top end and bottom end of this trend channel, while grinding higher in the meantime. I expect good weather news to push us back to the bottom end until we hear more demand news or weather fears. There can obviously be an up day during this grind back to the lower end of channel, but in general, I expect this level to be tested.
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– World Corn Outlook – Stock Change vs. Usage Ratio
– U.S. Soybean Export Sales and USDA Forecast
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