Corn closed higher Friday, finding support above its 20 day moving average for the first time in 30 plus days. Soybean futures retreated back below their 100 day moving average dropping 0.5% on Friday's close.
Cash market prices topped out for the year in February when the weekly 5-market average was $129.75 per cwt. (live basis) and prices eroded only to rebound slightly in May to $124.81.
Grain and oilseed speculators have not received bullish news with staying power in at least three months now resulting in a huge buildup of short positions, and fund managers remained unimpressed last week even as a new