Corn Futures, along with the Spring Wheat, recovered in its recent trades despite the growing uncertainties about the state of the mentioned harvests.
Fears still loom for the crops regardless of the recent optimism in the U.S. weather forecasts. According to the Commodity Weather Group, the Midwestern plantations of corn and soybeans would experience dryness during the Mid-August of the current year, even with lingering cool temperature.
For the time being, drought conditions in the northern Plains and parts of Canada continue to damage spring wheat.
Grain and Oilseed prices have declined mostly last week due to the improving weather conditions. According to analysts, such move has sparked an interest within the investors to buy ahead of the previous weekend in which weather forecasts can still change.
"With soybeans being near unchanged, corn has been able to find a little bit of strength," Chief Market Strategist Ted Seifried, told reports. As for the Soybeans, Seifried revealed that it was treading water just right after an intense period of damages.
More so, futures investors are also looking forward for the updates for the government supply-and-demand figures next week, Siefried added.
According to sources, the high-priced crude oil helped the grain and soybeans deals.
Corn Futures as indicated above has seen a recovery from a major downfall from last week’s Tuesday. The pair added 0.92% so far in its recent trades from the previous session.
The RSI level of Corn Futures also managed to not go further down the 40’s region. Right now, it is at 46.88. No signs of potential drop so far.
And lastly, the Coppock curve of the futures also inched upwards despite trading in the negative region. A buy would still be considered risky for now so a hold on buy would be recommended for the pair.
For the month of September, Corn Futures Delivery added 0.8% to $3.66 and a half per bushel on the Chicago Board of Trade (CBOT). In further details as well, the Spring Wheat climbed 0.4% to $7.16 1/4 per bushel at the Minneapolis Grain Exchange.
For the August data, Soybean futures declined by 0.1% down to $9.49 1/4 for each bushel as the soft-red winter wheat dipped by 0.7% to $4.54 ¾ per bushel in the CBOT.
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