The markets have no shortage of things to chew on, with continued strong sales in the cattle trade, a Quarterly Hogs and Pigs report out Friday, and two key reports for the grain trade out Monday.
Market Analyst Rich Balvanz with AMS Commodities says in Thursday’s soybeans, old crop export sales are the main source of strength, “Export sales: 317,000 tons of old crop beans. Once again, we’re in a position of asking the question: where are these beans going to come from? This puts a lot of pressure on remaining supplies, as we move forward.”
He says corn is finding some technical support with the July contract nearing its first notice day, “So we have less selling pressure, some profit-taking as well, and also just some plain positioning ahead of Monday’s reports that’s beginning to occur.”