Corn continues to climb. Wednesday, September 6, 2023
The USDA Crop Progress report on crop conditions came in lower than expected with corn ratings down 3% to 53% good to excellent, soybean ratings fell by 5% to 52% good to excellent. This and disappointing initial yield reports have corn and soybeans higher.
At this time corn is up 1¢ per bushel 3¢ off the high, soybeans are up 13¢- 6¢ off the high and wheat futures are 4-12¢ per right at the high.
The key chart points to watch over the next two hours are if December corn can get up and over $4.90, for November soybeans the resistance is at $13.85.
Around the world in the stock markets: The stock market in China is up 0.2% and in Japan the stock market is up 0.6%. European stocks are down 0.6%.
In the outside markets. The stock market is lower again with the Dow down 80. The U.S. dollar is down 12 points today, Crude oil after a lower start today is now up 20¢ a barrel making new highs for 2023.
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