Corn futures saw a rather quiet and choppy trade session that closed out the day mixed. Concerns over dry weather in Brazil reducing crop size, hopes for improvement in our export sales program, and weakness in the dollar have all supported corn through the week and today session was not a whole lot different. Soybeans trade was much like corn as fresh news was limited. Strength continues to come from wet weather in Argentina disrupting harvest progress, which is estimated to be around 25% complete, along with total production taking a hit, and supportive outside markets. The trade is expecting to see Monday’s planting progress report show a sizeable increase from this week’s 30% planted on corn along with expectations that we could see U.S. soybean plantings around 10% complete. Funds ended the session being estimated net buyers of 3,000 bean contracts and were even in corn on the day.
For the week as a whole commodity, markets have posted solid gains since last Friday. Corn picked up 16 ¼ cents on the July contract and 14 ¼ cents on the new crop December contracts while July beans were 33 ½ cents better and the new crop November contract gained 24 ¾ cents. Cash basis was steady through the week on corn and cash bean basis was a nickel better.
In other markets continued to dip lower, which had offered support to commodities as of late, being down around 700 points as of late trade. The Dow also saw moderate weakness being down 50 points and Crude Oil was 2 cents below even at $46.01/bbl.
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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