Corn traded both sides of even in today’s session and was in the green for the majority of trading but did finished mixed. Early strength in corn was attributed to short covering and Chinese interest in both U.S. DDGs and sorghum. Gains in corn faded late due to the fact that the spring planting pace is still showing ahead of average and also from some strength in the U.S. dollar. Soybean also saw a two sided traded, being sharply lower early, rallying back mid-day, then ultimately finished below even. Profit taking and long bean/short corn spreads were attributed to weakness early on but new speculative demand and news that a few crush plants would be taking some unexpected downtime helped bring bean prices back. Funds were even in corn on the day and estimated net sellers of 8,000 contracts of beans. In other markets, the U.S. Dollar Index was well over 300 points higher as of late, the Dow was up a sharp 225 points, and Crude Oil was 69 cents higher at $48.77/bbl.
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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