Corn saw little change ahead of the weekend closing fractionally mixed. Fresh news was thin for corn today and the market has seemed to stabilize a little bit as the recent price decline has led to end user pricing. For the week as a whole corn was 4 to 5 cents weaker. Beans saw a nice bounce today closing around 14 cents higher. Weekly loses were much lighter this week as the July contract gave up 11 cents and the November contract lost 14 ¼ cents. Trade issues with China are still hanging over the market but it seems things seem to have cooled off a bit as the week wore on. The trade seems to be hoping that there is some opportunity for progress to be made on trade relations before July 6th. Funds were estimated net sellers of 9,000 corn contracts and 14,000 bean contracts in today’s trading and are now holding a short position in both commodities. Outside market saw Crude Oil making big gains, being up $3.82/bbl as of late; the Dow was 119 points higher, and the U.S. Dollar Index was down around 330 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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