Corn struggled today closing down 4 cents after seeing a positive trade on yesterday’s friendly crop report. Favorable weather forecasts seemed to be too much for the corn market weighing on prices today. Weekend weather forecast are calling for good rainfall across much of the Midwest with some areas expected to get as much as 2 inches. Beans were moderately lower as well, closing down 15 cents. Yesterday’s balance sheet numbers were bearish on the soybean side and that was combined with favorable weather forecasts. Although August is a more critical month for rainfall for the growing bean crop a good rain now would be beneficial. Funds were estimated net sellers of 11,000 corn contracts and 9,000 bean contracts on the day. In other markets, Crude Oil was 31 cents better, the Dow was up 94 points and the U.S. Dollar Index was down over 100 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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