Corn closed out the day around 3 cents weaker. Fund selling was attributed to the weakness. Early yield information continues to be digested by the trade while fresh fundamental news had remained pretty limited. Beans were higher for the majority of the session but did sell off in late trade and ended up closing around a penny lower. A couple of export sales this morning totaling 387,000 MTs of beans was supportive early but with fundamental news lacking and weather forecasts looking mostly favorable, bean were unable to hold their gains. Funds were estimated net sellers of 7,000 corn contracts and 4,000 bean contracts on the day. Outside markets in later trade saw Crude Oil 15 cents lower, the Dow was up 58 points, and the U.S. Dollar Index was over 100 points firmer. Weather forecasts have some scattered chances of rains over the next couple of days, while the balance of the week currently look clear.
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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