The corn market seemed to more or less follow the bean market for the majority of the week and today’s session was no different. Early on corn was down 4 to 6 cents as the bean market was down over a dime but as the bean market saw a very active session, they managed to turn around and rally in the last couple hours of trade closing 19 to 22 cents better and the corn market followed in turn, closing a few cents better. With excellent soybean yields here in the U.S., the potential for a 450 million bushel carry, and prospects of a good crop in South America I think it has some scratching their heads as to why beans keep rallying but with a good export program and all the issues with logistics for bean meal, that does seem to be some of the underlying support we are currently seeing. Funds ended the session being net buyers of 5,000 corn contracts and 9,000 bean contracts. For the week as a whole both corn and soybeans made fairly large gains. December corn picked up 23 ¾ cents, March corn gained 22 ½ cents, November beans were 69 cents higher and January beans gained 66 cents. In outside markets today, the Dow made modest gains of 197 points, Crude Oil marginally weaker being down 39 cents in late trade, nearby gold futures fell off over $27.00/oz, and the U.S. Dollar was up 72 points. Weather for the weekend is expected to be on the frigid side with lows in the upper 20s for tonight and tomorrow night. Rain is expected to move into the area Monday night and continue on and off through Tuesday.
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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