Morning Ag Markets – 8/1/24 – Pete Loewen
Parts of the market got a little reprieve from recent beatings yesterday and part of it didn’t. Dec corn got hit with a double whammy of new recent lows and big time support being violated, along with dropping below the “3” handle. That’s the first time since 2020 that a Dec futures contract traded below $4 in the expiring year. To date, front end corn and MGEX wheat were the only two in the grains that hadn’t hit a new low water mark and in the past two days it finally happened unfortunately. It’s hard to fight funds jumping back on the sell side after only a brief reprieve after covering some of the record short positions in beans and corn, but they’ve been back…