A lower day in corn, closing 2 to 3 cents weaker. Weakness in soybeans seemed to spill into corn along with the continuation of good weather keeping the current price outlook toward the negative side; we also saw some moderate fund selling through the day. Bean finished the day down 9 cents as an announcement this morning of China cancelling 200,000 MT of old beans weighed on prices. Export wise, South American beans also look cheaper vs. U.S. values which is keeping some concern amongst the trade. Much like corn, good weather forecasts have also been a negative factor in terms of price. The trade will likely be looking for steady, if not an improvement, on Monday afternoon’s crop conditions report. Funds finished the day being estimated net sellers of 4,000 corn contracts and 5,000 bean contracts; they were also net sellers on both soy meal and bean oil. Outside of the commodities, the U.S. Dollar Index was down nearly 300 points, the Dow dropped 55 points, and Crude Oil was down $1.62/bbl late putting it at $46.90/bbl.
For the week, commodity market were defensive. Corn gave up 21 ½ cents on both the September and December contracts, which primarily came from the big selloff seen on Monday; the balance of the week was fairly steady. Old crop beans were lower as well but did not take the hit that new crop did. The August bean contract has lost 10 ½ cents since last Friday while the new crop November contract gave back 24 ¾ cents. Much like corn, bulk losses were the result of Monday’s selloff. In terms of cash basis, on corn, values firmed around 7 cents through the week. Cash bean basis remains strong, however we did see processors begin to roll bids from the August to the November which initially resulted in about a 10 cents break but did firm back up as the week wore on.
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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