Last week saw the corn market remain in its trading range. Doug Werling, with Bower Trading, says that will likely continue this week as harvest continues to lag behind, “The corn market is holding its own in a very tight and narrow range. It is impressive that it is holding up as well as is has given the higher than expected corn yields.” He says this shows there is good corn demand under the market.
With the soybean harvest nearly complete, Werling sees the bean market getting more active, “You are going to get to the point this week where the hedge pressure is going to lift. Export numbers at the end of last week were very good.” He said, in the market, there is beginning to grow the sentiment that soybean prices will move higher.
There are soybean futures above $10 for 2018. Bower Trading believes there is still more upside potential on new crop soybeans, “I would advise being cautious about being an aggressive seller of 2018 soybeans. I feel they are going to get a lot better and give guys more options.” Unlike some reports last week that predicted higher soybean acres in 2018, Bower Trading feels midwestern producers will still plant more corn.
For more market strategy information, contact Bower Trading at 800-533-8045 or bowertrading.com.
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