Markets are continuing their selloff this morning with corn down 3 and soybeans down 11.
Crude oil has had a tough week trading $5 lower than Fridays close. It seems like everyone is on edge waiting to see what is going to happen next in the Middle East. Eventually, something is going to happen and oils direction will be influenced.
Corn broke its recent uptrend as the weight of a good crop and heavy carryout for 2024 is coming to the forefront. Corn is going to have a hard time to muster any significant rallies with the farmer well undersold and demand not tightening carryout.
Producers should be making sales on any bumps in the market!
Have a Safe Day!