Cornbelt Marketing market analyst Alan Knobloch says traders are pulling money off the table because of weather uncertainty. “The market is basically standing here saying what’s going on? We don’t want to own this stuff. We’ve got a bigger crop coming than we anticipated,” says Knobloch. “Where is the stress that’s been forecasted? It seems like we have an adequate crop supply.” Another factor coming down the road is the August USDA report. “You’ll start seeing traders start positioning for the August 12 report, but with crop conditions stable, we wonder if there will be many changes in USDA’s yield number.”
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