Grain markets stayed mostly defensive in today’s trade, as we head into the long Labor Day weekend break. Large yield expectations continue to pressure both commodities as yield number talks ranging in the 175 to 180 bpa range for U.S. corn and near 48 bpa on the beans have been floating around. There hasn’t been much support due to weather this week as the forecasts continue to look non-threatening for the week ahead and scattered rains through the first of next week should help put the final touches on the bean crop. Funds for the day were sellers across the board with 4,000 contracts of both corn and wheat and 2,000 contracts of beans.
For the week, grains finished weaker all the way around. Nearby September corn ended up losing 6 ½ cents and the December contract fell by 6 ¾ cents. Soybeans were a fair amount lower on the front end with the September contract losing 76 ½ cents, and the November contract also fell by 17 ¾ cents.
Outside markets as of late had the Dow 1 points over even, Gold was $2.30/oz lower putting it at $1,287.20/oz, Crude Oil was up $1.33 at $95.87/bbl, and the U.S. Dollar Index made modest gains of 21 basis points.
Labor Day Trade and Office Hours
Sunday, August 31st : Overnight Market will be Closed.
Monday, September 1st : Markets will be Closed during the Day, Trading will resume at 7:00 PM. Both Dalton City and Bethany Location 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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