News this morning in the grain markets revealed that the number of acres that have been planted with soybeans is seriously deficient. This is bullish news for traders in the bean complex with Soybeans going limit up early in the session... thats 50 points!
Those that positioned themselves long in this weeks consolidation at around the 840 cents level will quite naturally be ecstatic with the November contract closing the day at 883.5 cents.
Wheat and corn joined in the volatility but with big moves DOWN.
Cotton also gapped up on similar news of lower acerages.
Farmers trying to cash in on the demand for corn is where those soybean and cotton acreages have gone to, so it is reasoned that there may be an excess of corn come harvest time.