Highlights, Basis Comments, Yuan, Markets & Rain Days Update 8/29/22

Highlights

December corn gapped higher last evening for the third time since the low was made July 22nd. None of the gaps have been filled as of midnight Sunday. Repeated gaps that are not filled are bullish, and more bullish. Take a look at the daily chart:

Wayne Bacon has been involved with international grain trade for 59 years and is highly respected by us young guys. His weekly comments on Saturday included this:

There were quite a few analysts who stated new crop soybeans and soymeal are underpriced and that there is no good reason for such a high premium on the old crop. Some experts did say that rather than have old crop prices drop, the new crop soybeans should move higher since the fundamentals for soybeans are very bullish for the new crop.

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