A look at Friday in perspective
December cornwas pushed back into its 6 months long trading rangs of $3.75 to $4.00. And that is really all that happened for cornany downward trend was delayed and resistance at $4.00-4.05 hopefully will be tested in coming days.
KCHRWheat broke through the upper levels of it's trading range of $4.50 to $5.00 for the first time in over a year. This range bound year coupled with extreme negative basis has production levels at century old levels. The public may still be eating those burger buns, tortillas and donuts, but farmers are economically going "gluten free". So the wheat market is finally reacting to world reductions in production.......maybe. Question is will wheat hold that rare air.......for a few days??
So what did beans actually do is sympathy to the rest of the market......?
In chart perspective...... not much. It is still within it's declining trading range and will need to maintain the Friday gains just to hold any hope of improvement, yet it might be as undervalued as wheat since it has lost $1+ since January for reasons that are hard to explain (or yet undefined) with exports increasing over the same time period and supply for the most part a long boat or truck ride away. We're Americans we are always trading the next paycheck..
Hopefully we will test that upper limit or slide past it in the next few trading days. It is the first real heart beat beans have had in a while. This pulse has been weakening for a long time.
Re: A look at Friday in perspective
I think mostly a matter of nothing too bearish so the slightly more bullish forecast and MW sparked a rally before the weekend.
BTW, another tropical wave forming off Africa and worth watching.
I'm not sure what to watch for as far as any change or intensification of low moisture flow from the SW monsoon that's keeping the N. Plains and NW corn belt dry.