Highlights
Crop Condition as of Sunday evening:
Winter wheat is 82% harvested, 2% more than the 5 year average pace. Spring wheat is 1% harvested, 2% behind the 5 year pace.
Today is the first day after the Gann Cycle technical analysis system projected a major low for CBOT commodities based on 60 year and 30 year cycle analysis. Any of you Gann analysts are welcome to share your insight.
Market analyst Angie Stetzer of Consus Ag Consulting, LLC, wrote early yesterday morning:
"Continued negative sentiment towards commodities in general is weighing heavily on price. It is interesting to see analysts working to not only increase their production estimates but also cut their new crop demand outlook, increasing their carryout expectations significantly from the USDA.