RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Corn: Corn has been strong to start this week, mainly due to larger than expected declines in crop conditions. Monday’s report showed Corn G/E rating dropping to 64% vs. 67% expected and 69% last week. The sharp drop in open interest during yesterdays rally is a good indicator that this rally was mainly fueled by short covering. There are some rains coming by the end of this week, but the question is now, “is it too little too late” for the corn crop. As usual, I expect the gap from Monday nights re-open to eventually be filled, but it will take lack of demand or much improved conditions/ratings to see an extended move lower.

Corn Dec ’20 Daily Chart

Soybeans: Soybeans, like corn, saw a drastic drop in G/E ratings on Mondays report. The ratings dropped down to 69% from last week’s 72% and vs. expected 70%. For the time being, China demand remains strong, the charts seem strong as well as the rains coming this weekend not being enough, or timely enough either. Grains as a whole seem strong right now, and I would expect soybeans to test $9.40-$9.50 before seeing some selling pressure into harvest.

If you’d like to learn about the opportunities that exist in the grain markets right now, please request our exclusive Agricultural Investor Kit. If you have any further questions or needs, please contact Tony Cholly at 1-800-826-2270 or email him at tcholly@rjofutures.com

Our Grain Investor Kit Includes:

– In-Depth Fundamental Analysis and News on What is Currently Moving the Grain Markets
– Technical Analysis Overview with Possible Outcomes
– Analysis on Current Trends and Opportunities in the Market and How to Take Advantage of Them
 – Historical Charts and Data Outlining Historic Prices and Trends

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Tony Cholly

Senior Market Strategist
Tony majored in Economics at Eastern Illinois University. He performed his thesis on the market price of corn in the market and the factors that affect it. Tony was drawn to futures trading because of the opportunity to have financial gains in an economic environment. He prides himself on working with customers one-on-one and developing a trading strategy based on the client's needs and wants.
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