[Listen] Gordy Weekly Ag Market Recap
Finally it was corn and soybeans time to rebound after the COVID-19 crash. Almost all the other markets have recovered substantially but it seemed like corn and soybeans continued to hang around the lows. By the close of trade Friday afternoon July corn was above the key overhead resistance. Beans also broke out to the top side being supported by China buying a lot of beans from the U.S.
There are a number of signs things are moving back toward normal. People are driving more increasing the demand and price of crude oil and ethanol, which means ethanol plants are coming back on line, more restaurants are opening up, and pork and beef processing plants continue to increase processing numbers. We have a long way to go to get back to normal but we are moving going in the right direction.
It is also very beneficial for our agricultural exports that the value of the dollar has dropped about 3 percent in the last week while the Brazilian real has increased. Listen to Gordy's comments about the ag markets this week by clicking the link below.