Grain Markets See Mild Corrective Pullbacks
The grain futures markets are seeing mild corrective pullbacks after Monday's price gains. At 6:00 a.m. CDT, December corn was down 3/4 cent, while November soybeans were 5 1/2 cents lower. September SRW wheat was down 1/4 cent, and September HRW wheat prices were 1 1/4 cents lower. The next couple of trading sessions will likely determine if Monday's early losses and price rebounds put in near-term market bottoms.
Monday's lows in the grain futures markets are now key near-term technical support levels. If these levels are breached, it would set off sell-stop orders to drive prices further south. The U.S. dollar index is slightly lower today, with September Nymex WTI crude oil prices trading around $80.25 a barrel.
President Trump warned Iran that they need to reach a deal with Oman on the Strait of Hormuz soon or face devastating U.S. strikes. This comes as Brent crude rose 1.8% today to $85.29 a barrel, despite being down about 5% this week due to Trump's decision to hold off on fresh strikes and give diplomacy more time.