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Jim Wyckoff's Weekly Grain Forecast: July 4th Is Pivotal Week

Jim Wyckoff's Weekly Grain Forecast: July 4th Is Pivotal Week

02 July 2013

ANALYSIS - This is historically a pivotal week for the grain market, and could set the trend for the rest of the summer, according to Jim Wyckoff, grain analyst for TheCropSite.

“How the grain markets close this Friday, after the 4th of July holiday, is going to be very important – a close near the weekly high is going to be bullish to suggest that we have put in market lows and can trend sideways to higher. However, bearish weekly low closes on Friday would suggest prices continuing to trend lower into the end of the summer,” Wyckoff said.

On Friday, USDA estimated US corn plantings at 97.4 million acres, up from its previous estimate of 97.28 million acres in March, and well above the average trade estimate of 95.34 million acres.

The market responded on Monday with December corn prices putting in a new 2.5 year contract low.  Tuesday, the corn market is expecting a key test as it approaches the $5 level. 

 



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