Corn, soybean estimates show record yields, not quite record production

May 19, 2023 at 07:36 AM CST
The grains put in a mixed performance the second week of May. Wheat found strength while corn and soybeans were under pressure. Chicago wheat joined the corn and soybean markets. Minneapolis and Kansas City wheat pushed higher in three of the five sessions while the Chicago markets were only able to post gains during one session. The grains saw some heavy fund short covering and technical buying to close out the first week of May. Which in turn ended with all three wheat exchanges ending the week with a daily and weekly key reversal. Wheat was able to muster the strength to close at their 50% retracement which opened up the potential to test the 67% retracement level.

May 19, 2023 at 07:36 AM CST

The grains put in a mixed performance the second week of May.

Wheat found strength while corn and soybeans were under pressure. Chicago wheat joined the corn and soybean markets. Minneapolis and Kansas City wheat pushed higher in three of the five sessions while the Chicago markets were only able to post gains during one session.

The grains saw some heavy fund short covering and technical buying to close out the first week of May. Which in turn ended with all three wheat exchanges ending the week with a daily and weekly key reversal. Wheat was able to muster the strength to close at their 50% retracement which opened up the potential to test the 67% retracement level.