Grain markets stayed under a little bit of selling pressure again today trading much of the same news as yesterday. The anticipation of a big bean crop coming out of South America and good early yield reports are keeping a cap on the soybean market while cheaper corn coming out of the Ukraine vs. U.S. prices due to strength in the Dollar is keeping the corn market defensive along with cheaper crude oil prices putting pressure on the ethanol market. Corn however, is now in oversold conditions technically and is now trading below the 100 day moving average. Funds were estimated net sellers of 4,000 corn contracts and 2,000 bean contracts and were buyers of 3,000 wheat contracts. Outside market saw the U.S. Dollar Index trading just above even, Crude Oil did see a small bounce of around 20 cents, and the Dow was up a strong 332 points.
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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