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Markets started out really optimistic today on word that China and the US are set to meet this weekend in Switzerland regarding tariffs and overall tensions between the countries. All commodities pegged their daily highs early, with July corn topping out at 4.63 1/2, July soybeans at 10.56, and July wheat at 5.45. As the day drew on, markets faced a flurry of selling pressure, as the headline "wore off", and the reality of good weather and planting conditions in the US weighed. July corn closed just below its 5-month low of 5.45. Will this bring new sellers tomorrow, or will we finally see some support to hold here?
The market is also starting to see some positioning ahead of next week's USDA WASDE report. Estimates are below.
The FOMC left interest rates unchanged as expected today upon the conclusion of their May policy meeting.
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