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Bullish News Needed to Keep Corn, Soybean Rallies Going

This week’s Successful Marketing Newsletter offers chart projections.

The USDA Quarterly stocks report on Monday was just what the bulls needed: the third-largest bullish adjustment to bushels since 1983 sent corn prices to multiweek highs. Early corn yields had already pushed prices 20¢ off the September 9 low.

Here’s this week’s Successful Marketing Newsletter.

The next roadblock for the December corn futures will be getting above the $3.93-per-bushel mark. That would be above the top-end of the gap that was left on August 12.

Soybean bulls also started the week off with some good news. The stocks report stated 69 million bushels less than traders were expecting. This news in itself is friendly; however, the bulls were already trading considerably higher on the day with more reports that China was buying U.S. soybeans.

Those reports were confirmed and prices made another convincing push higher. Now the bulls need a daily dose of bullish news in order to keep the rally going.

Here’s this week’s Successful Marketing Newsletter.

South American weather is slated to improve over the next two weeks. The dry pattern that has dominated for over a month appears to be weakening.

Rainfall is not as widespread as needed, but the change in trend is a welcome sign.

Here’s this week’s Successful Marketing Newsletter.

Traders will be closely watching the forecasted amounts and comparing those with actual amounts that hit the ground. If there is a considerable difference, we could see another round of China buying U.S. soybeans.

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