Commodity markets under pressure once again today with corn giving up 4 to 5 cents and beans dropping 11 cents nearby and 6 cents on new crop. Fundamentals continue to be on the bearish side which was combined with the lack of fund buying and ongoing concerns in regards to changes in U.S. economic policy, which all weighed on prices through the day. For the week as a whole, corn saw moderate losses of 5 to 6 cents while cash basis stayed steady. Soybeans were much more defensive, mainly in the second half of the week. Since last Friday March bean futures gave back 26 ½ cents and November bean futures weakened 12 cents; cash bean basis saw around a 4 cents improvement. Funds closed out today’s trade being fairly heavy sellers, with an estimated 15,000 contracts of corn and 10,000 contracts of beans. Other markets, in late trade, saw Crude Oil running 4 cents below even at $53.71/bbl, the Dow was down a moderate 39 points, and the U.S. Dollar was up over 400 points.
President’s Day Holiday Trade Schedule & Hours Sunday, February 19th: Overnight markets will be closed.
Monday, February 20th: Grain markets will be closed during the day session. Evening trading will resume at 7:00 PM for trade date February 21st. Both Dalton City and Bethany locations will be closed.
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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