A Lot of Crops Are In Limbo
It’s hard to believe that traders are content with production estimates.
Let’s set the acreage question aside for this discussion. According to the Crop Progress Report this week (as of September 1), there are approximately 3 million acres of soybeans that have not bloomed yet, and there over 10 million acres that have not set pods.
In addition, there are more than 17 million acres of corn that have not hit the dough stage. Normal for this time of year is closer to 6 million acres.
Will we really have to wait until combines roll to confirm the problems that accompany late crops? Or will we see some bottom picking develop this month?
The charts have been controlled by the bears since the August crop report.
I don’t think we will get much bullish news in the September supply-and-demand numbers next week, but I am more interested in what the market does if we get more bearish news.
I have been waiting for the market to move higher on bearish news. This will help confirm that the bears are out of gas and a change in trend is coming. Read the full article to see what the charts are saying for corn and soybeans.
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