TGIF!! The overnight markets were mixed. Corn was called up 3-5 cents, beans steady, and wheat down 1-3 cents. Prices were quiet most of the day, trading in a rather narrow range before midday. Corn saw some buying near the close to help make new highs for the day in the last minute of trading. Good cash corn movement was again seen around the Midwest, but area basis levels were firm. The Gulf corn basis continued to retreat from Thursday's highs. Corn was supported by unexpected export sales to Mexico this morning. Many analysts believe a drought in Mexico should increase US corn exports to that country. The Chinese grain markets open back up next week.Ethanol profitability continues to struggle as margins stay in the red for the week. Another ship has ran aground in the Argentine port of Rosario blocking the port. Late today, Fitch downgraded 5 EU countries credit ratings, most notably Belgium, Italy, and Spain. Forecasts for S. America at midday show a wetter pattern in the 6-10 day period. Technically, both March corn, beans, and Chicago wheat all closed right at their 100 day moving averages. The US Dollar was again weaker, due to the Euro strength. Crude oil closed near unchanged, right under $100/bbl. Gold was up about $5/oz. The Dow Jones was down 74 points on lower than expected 4th quarter US GDP numbers. And, livestock markets were modestly higher ahead of the USDA cattle inventory numbers. There is a chance of rain/snow Friday night. But, that won't stick around long as temps should warm up into the 50's by the middle of next week.
For the week, grains were higher. March corn was up 30 1/4 cents. December corn was up 19 1/4 cents. March beans were up 32 cents. November beans were up 29 1/4 cents. And, July Wheat was up 31 cents.
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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