The corn market remained resilient heading into the long weekend, making new recent highs once again with fund buying playing a pretty big role. Weather forecasts do look drier and cooler through the balance of the week for much of the Midwest but more chances of rain expected for the first part of next week. Soybeans traded much of today’s session on the defensive side but did manage to close mixed with the August contract down 2 ½ and November up ¾ of a cent. Drier weather over the weekend seemed to be the cause of weakness along with minimal fund buying. Looking at weekly export sales, corn came in on the higher end of the expected range while soybeans were on the disappointing side. Funds were buyers of 11,000 corn contracts on the day and were even in both soybeans and wheat. Outside the grains, the U.S. Dollar Index was moderately lower, the Dow lost 43 points, and Crude Oil was down 29 cents.
Looking at the week as a whole, big gains were made in both the corn and soybean markets. For corn, the September contract gained 36 cents and the December contract gained 35 ¼ cents. For beans, the August contract picked up 40 ½ cents and the November contract gained 44 ¼. Cash basis wise, corn stayed steady along with bid months being rolled from the July to the September; bean basis has softened around 9 cents since last Friday.
Holiday Trade Schedule and Hours
Thursday, July 2nd: Grain markets will close at noon. No overnight trade.
Friday, July 3rd: Grain market will be closed. Both Dalton City and Bethany elevators will be closed.
Sunday, July 5th: Grain markets will open at 7:00PM for normal trading hours.
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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