Grain markets closed out the week on a mostly lower note. It does appear that the downward trend has eased a little bit as we finally saw a couple of trade session with green numbers this week. Lower wheat futures seemed to weigh on the corn prices today along with the continuation of favorable weather forecasts and the near completion of corn pollination in many areas. Soybeans spent the better part of the day trading steady to firmer finding support from good export demand. The USDA announced another couple of export sale this morning which included 464,000 MTs new crop bean to an Unknown and 116,000 MTs, option origin, new crop beans to China. However, in late trade, the steady bean market did falter with the weakness in the corn and wheat markets causing a late session sell off. In the weeks ahead the grain markets will continue to focus mainly on crop conditions and weather forecasts. Funds were sellers across the board with 10,000 contracts of both corn and wheat and 4,000 contracts of beans. Weather forecasts for the weekend remain non-threatening with temps remaining on the mild side before becoming a little warmer for the first part of next week; rain is currently absent from the forecast until Wednesday.
For the week old crop futures continued their weaker trend with the September corn contracts losing 7 cents and the August bean contracts losing 19 cents. New crop corn months were also a little weaker with the December contact losing 6 ¼ cents while new crop beans firmed 10 ¼ cents.
Outside of the grains and oilseeds the U.S. Dollar Index was steady to a couple points better, Equities were mostly higher seeing the Dow up 97 points, Crude Oil prices were a little softer being down 19 cents nearby, and Gold futures were down just over $6.00/oz.
This data and these comments are provided for information purposes only and are not intended to be used for specific trading strategies. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. The risk of loss in trading futures and/or options is substantial. Each investor must consider whether this is a suitable investment. When trading futures and/or options, it is possible to lose more than the full value of your account.
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