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Grain futures hit new near-term lows on June 25 as funds sold heavily ahead of the June 28 USDA acreage and stocks reports. Don Roose of U.S. Commodities said funds are near record short positions and that traders were removing weather premium despite flooding in the northwest Corn Belt.
Soybeans and corn both posted new lows.
Fund liquidation and bearish technical signals pressured the complex lower, which lowers feed costs for buyers in the near term. Price direction hinges on the upcoming USDA reports.
agweb.comJun 26, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Describes funds selling heavily and corn hitting new near-term lows as weather premium was removed ahead of the June 28 USDA reports, which fits the sharp price drop, though it is dated just after the move.
