Coffee Cup Comments
The markets are taking a breather after yesterday’s higher markets. Bullish USDA prevented planted acres and a 2-week US Midwest drier than normal forecast triggered fund buying which help to move the market higher. Managed funds bought 38,000 contracts of corn yesterday. Farmer selling was quite impressive yesterday as well with the first real market move to the upside in a while. The storm damage to the corn crop in Iowa continues to make headlines as well. China continues to be a big buyer of new crop soybeans. The market will be watching export news, the weather and political news for direction.