Another fairly quiet overnight session. Corn was
called 3 to 4 higher, soybeans were 3 to 8 lower
and wheat was 4 to 5 higher. The wheat market led
the day session today, corn followed and soybeans
got pulled lower. Besides the strong wheat market
helping corn today, it is also getting a boost from
overseas weather being pretty dry, although a little
shower here would defiantly be welcome. The soybean
market could not get anything going for it today even
with the funds being buyers. China is also selling
beans out of there reserve stocks, which also looks
to be a factor in the weakness. The outside markets
stayed pretty quiet with the dollar next to unchanged
and crude down around a dollar. July corn closed
up 10 1/2 at 6.35 1/2, December corn closed up 8 3/4
at 5.37, July beans were called down 33 closing at 14.05,
November beans closed down 18 1/2 at 12.88, and July
wheat led the market closing up 37 1/2 at 6.95 1/4.
There is around a 30% chance of rain for Sunday with
the weekend temps being mostly warm.
*Note*
*CME’s new trading hours will begin this weekend. Sunday
night trade will begin at 5 pm and continue until 2 pm
Monday. The break will be 2-5 pm on weekdays. Pit trade
will continue its normal hours, 9:30-1:15 with a 1:15
settlement.
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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