A mixed day for commodities going into the holiday weekend with corn and wheat finishing around a penny higher and beans closing down 3. Once again, commodities were mainly driven by outside markets, as they were about all week long. Next week more focus will likely turn toward harvest as pace is anticipated to pick up following good drying weather this week. The trade will also begin focusing on next week’s September Supply and Demand report which will be released Friday. Funds finished the day being estimated net buyers of 4,000 corn contracts and 2,000 wheat contracts and sellers of 4,000 bean contracts. Looking at other markets, the Dow was down 200 points, Crude Oil was down 67 cents at $46.08/bbl, and the Dollar was trading just below even. Weather forecasts have temperatures remaining on the warmer side through the weekend; chances of shower are expected Monday through Wednesday along with a temperatures cooling off a bit.
For the week commodity markets stayed pretty bearish. The corn market lost 12 cents on both the December and March contracts while beans gave up 19 cents on the November contract and 21 cents on the January contract. Cash basis wise, corn basis back up around 8 cents since last Friday while bean basis stayed unchanged.
Labor Day Weekend Schedule
Sunday, September 6th: Overnight markets will be closed.
Monday, September 7th: Market will be closed during the day and will resume normal trading at 7:00PM Sunday night. Both Dalton City and Bethany location will be closed.
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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