Wednesday’s Futures Setups

We mentioned that grains and soy bean traders
might be looking for a pullback that consisted of profit taking. (See
yesterday’s Futures Recap and Futures Nightly Report.)

At the opening today, soybeans edged higher after the latest crop condition
ratings were worse than expected. With planting completed and most of the
soybean crop having emerged, the US Department of Agriculture said just 56% of
the crop was in good to excellent condition. That’s down from 62% a week
earlier, a bigger drop than investors had anticipated.
 

However, by the end of trading, profit takers
stepped in and dragged November soybeans
(
SX2 |
Quote |
Chart |
News |
PowerRating) down lower to $5.09 a
bushel, a loss of 7 3/4 cents or 1.50%. Wheat for September delivery
(
WU2 |
Quote |
Chart |
News |
PowerRating) lost 2 cents to close at $3.22 1/2 a bushel; December corn
(
CZ2 |
Quote |
Chart |
News |
PowerRating) was up in earlier trade, but ended up dropping by 3 1/4 cents or 1.30%
to close at $2.46 a bushel. December soymeal
(
SMZ2 |
Quote |
Chart |
News |
PowerRating) lost 2.50 or
1.46% to close at 168.59.