New lows hit the board early in the session Wednesday morning with July soybeans
trading thru 14.90 cents before rebounding over 15.00. Corn tried to test 6.00 in July
but was stopped short at 6.02 3⁄4 and then finished 4 cents higher at 6.24 1⁄2.
Overnight corn gained another 5 cents and soybeans 2 cents but soybeans did try to
test yesterday’s lows but did not quite get there. Exports were huge for corn with it
being in the new crop from China. It looks like the negative price news has been
factored in and if July corn can finish over 6.32 and soybeans over 15.25 you should
see some more confidence out of the bulls.
See attached report for more information on outlooks, technicals, and weather updates.
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