Corn: Corn this week started out strong moving all the way up to fill the gap back from July 11th-14th weekend. The main catalyst for this move was initial fears of damage caused from the Derecho that moved through Iowa, Illinois, Indiana and Michigan, but causing its most damage to Iowa. Although there will be damage to Iowa’s corn crop, other parts of the country are reporting projected record yields that may offset some of this. So not only did the chart technically fill a gap and run into a couple MA’s, but the fears being offset by other states are the main reason we saw corn fail after filling the gap and since moving lower. I expect corn to pretty much move sideways until we get any new catalyst for a move higher or lower, but until then I would expect trade to remain between $3.30-$3.50.
Soybeans: Soybeans, for the same reason as corn, saw an initial pop this week based on fears of damage done to crops in Iowa. South Dakota, Minnesota, and a few other states are expecting great yields this year based on reports from the most recent crop tours. Technically speaking, the chart broke through a couple levels of resistance this week, and although we are back into the top of this trend channel, the market remains well supported, so I don’t expect pull backs to be long-lived. Although soybeans range is larger, I do expect them to stay between $9.25 and $8.75 for the time being, until there is some new news for traders to go off of.
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