#Cornfutures and #soybeanfutures are experiencing their biggest drop in the past two weeks as the domestic US #harvest draws nearer to completion. This year’s harvest is proving to have ample supply as expected and #grainfutures are currently finding support at this time. Grain Futures Decline as Record Harvest Nears Completion · November 18, 2014 · Corn Futures · Soybean Futures · Grain Futures · Grain Complex The USDA reports that as of Sunday, 89% of corn has been harvested (ahead of the average pace) from the country’s main growing region, with an expected harvest of just over 14.4B bushels - an all-time high. For soybeans, 94% of the harvest has been completed (2% behind schedule) with record production expected to be nearly 4B bushels. “As the U.S. harvest nears to a close for corn and beans, the record level of crops coming from the fields is continuing to supply pressure to the futures prices,” stated Barb Levy, chief director for The Fox Group’s futures division in Chicago, sharing her technical analysis insight regarding the current grain futures situation. Levy added, “Additionally, cheaper priced grain coming from Argentina and the Ukraine have hurt foreign demand for U.S. grain.” The trends for all grain futures is “up.” The soybean futures (and corn futures) complex may be “topping” to find a seasonal-low in December/January, and wheat futures are looking to be in mixed conditions. I continue to trade grain futures with caution. Schad Commodity Futures & Options Trading Corporation on Facebook #Facebook
Posted on: Tue, 18 Nov 2014 19:27:13 +0000
Trending Topics
Recently Viewed Topics
© 2015