The Bull is Going Hungry

They say you must feed the bull every day well the bull went hungry yesterday. Early
weakness accelerated in the corn after July broke thru the 6.40 level. Then rumors
of China cancelling cargos surfaced on the internet. After some investigation the
total cancellations will be under a million tons of corn that have not been granted
tariff waivers so like we said the scope is small. Soybeans held together relatively
well in the face of corn’s demise losing 10 cents to corn’s 37 cents. Weather and
planting progress has been bearish but the demand side of the ledger had been
winning out most of the year thus far. We will see if this was enough down to satisfy
the market and we can build a base to move back higher. The bottom line is weather
is pretty good right now and funds are liquidating so the momentum is lower but
with that being said these levels in new crop are going to be attractive to some that
were caught short up top so let’s see if they can stem the tide. See attached report for more information on outlooks, technicals, and weather updates.

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