A slow but positive start to the week saw prices continue to grind higher as China showed up as huge buyer over the weekend. “The charts remain bullish and the funds continue to hold significant long positions which is an interesting place to be headed into harvest,” said Jody Lawrence of Strategic Trading Advisors.
Prices are bolstered by Chinese buying, but it will be interesting to see if there will be some pull back on prices as we go into harvest, said Steve Freed of ADM Investor Services.
The Mississippi River will be closed to all vessel movement today from MM20-MM303 due to Tropical Storm Sally, Kevin Stockard of CHS Hedging said this morning. “Historic flooding” is possible in parts of Mississippi, Alabama, and the Florida panhandle due to the storm, he said.