Daniels Trading Senior Broker and author of Turner’s Take newsletter Craig Turner was quoted in the July 17 2015 Dow Jones Newswire article titled “U.S. Grains, Soybeans Decline on Better Weather, Fund Liquidation” by Jesse Newman of the Wall Street Journal.
Harvest progress in the U.S. and Europe also pressured prices, with new supplies filling world pipelines, analysts said. Mostly benign weather over the weekend will help farmers in the eastern U.S. harvest crops after steady rains delayed fieldwork for weeks.
“Conditions have improved,” said Craig Turner, senior broker at Daniels Trading in Chicago, adding that in addition to better weather in the U.S., wheat-growing parts of Canada that previously were dry have recently gotten rain, potentially benefiting crops there.
Prices for the grain also dropped as traders and investors took a friendly view of warm, dry weather forecast for the Midwest after weeks of steady rain.
“We may yet get another leg up here but lots of the news today has been that crops look better than expected,” said Mr. Turner, adding that “in a weather market like this, if you don’t have fresh news to feed the bull, you’ll typically see a selloff.”
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