Corn futures were 4 cents higher on the day. Today’s strength was attributed to follow through buying on yesterday’s friendly crop report on corn. For the week as a whole the corn market picked up around 6 cents. Beans traded in similar fashion to the corn market with follow through buying. Despite a couple good day of gains in the bean market, we were a couple cents weaker on the week as a whole. The trade will closely watch weather forecasts as recent rains have slowed harvest progress in several areas of the Midwest. Other than another round of rain forecasted for Sunday, the 6-10 day forecast looks to be on the drier side. Funds were estimated net buyers of 14,000 contracts of corn and 6,000 contracts of beans on the day. Outside markets saw the Dow over 200 points better, Crude Oil was up 68 cents, and the U.S. Dollar Index was around 200 points firmer.
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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