Based on the opening calls it looks like the fund money is flowing from old crop to new crop in both corn and beans.
Sep Wheat - 2 to 4 Lower
July Corn - 1 to 3 Lower
Dec Corn - 4 to 5 Higher
July Soybeans - 9 to 11 Lower
Nov Soybeans - Steady to 2 Higher
Wow! - last couple days!
Volume, Volume, Volume! - it tells the story.
The furious energy in Corn and Beans has been unleashed - all that punch that has been stored up since Feb 25th in beans and about Mar 4th in corn is uncapped for several weeks in my estimation.
Expect the big moves to continue. This could be the final, final end/capitulation of the weekly correction in these markets. All market participants are rattled - you are not alone. With high risk comes high reward.
Yesterday again was mass exodus from all trading months of corn and beans - shorts have been covering and longs have been forced out. I am interested to see what today's volume and open interest did today - preliminary data is released later tonight on CMEGROUP.COM - market data.
I have talked about huge stopping volume on spike lows before. Today's volume in Dec Corn was about 40% more than 6/1 - that last swing low when price increased about 60 cents. Simply put, today's volume in corn and beans (all contracts) was the most in many weeks and maybe months. This low is expected to be very strong support.
This has got to be one of the most opportune moments I've seen in a good while. I expect a slingshot back up very soonCheck out the Dec Corn volume. The red arrows highlight it..
Also please note the remarks about volume today and the supply/demand balance line on the November Soybean chart below.