Silver futures in the September contract are trading sharply lower for the 3rd consecutive session down another $0.60 at 14.45 an ounce and has now dropped about $1 over the last 3 trading days & as I have talked about in many previous blogs I have been very bearish the entire precious metal sector including silver as prices have now hit a 2 ½ year low.
Friday, August 10 th , traders found out soybeans werent quite ready to rally based on new yield numbers in the WASDE report. The USDA increased bean bushels to the acre up 3.1 bushels to 51.6 bushels and projected yield to 5.040 million bushels.
Soybean futures in the November contract are trading lower for the 3rd consecutive session down another 8 cents currently trading at 8.53 a bushel after selling off more than $0.40 last Friday off of the crop report which showed that we will produce a record crop in 2018 around 4.586 billion bushels as excellent growing conditions in the Midwestern part of the United States will produce around 51.6 bushels per acr
Wheat markets were higher yesterday as traders prepared for the export sales report this morning and the United States Department of Agriculture (USDA) production and supply and demand reports tomorrow.
Soybeans and Soybean Meal were higher on reports of stronger prices for both in China and despite news that China was issuing new retaliatory tariffs in response to new and increased US Tariffs against China.
Corn was a little higher yesterday in quiet trading. The trade was getting ready for the export sales report today and the production and supply and demand reports tomorrow ideas that feed grains production in Europe is getting hurt by the hot and dry weather there continue to support stronger demand ideas here.
Soybeans continue to be victimized by the trade feud with China. As mentioned in previous comments, they will rely upon South America for their needs until exportable supplies are diminished. In the meantime, eyes will be on weather for the rest of the month.