The corn market started off the overnight trade with small gains on more short covering which held into the early morning part of the session. After the 8:30 re-open gains did begin to fade with some technically selling and also from weaker Crude Oil prices and a sharply higher U.S. Dollar. Beans continued to trend lower losing 11 to 13 cents by close, as old crop supply does not seem to be an issue and the current crop is off to a good start in most areas, beans were pretty defensive all week long. Funds ended the session being net sellers across the board with 6,000 corn contracts, 8,000 bean contracts, and 6,000 wheat contracts. In outside markets, the Dow weakened up 34 points, Crude Oil was trading 70+ cents lower as of late, and the U.S. Dollar Index had gains of nearly 800 points. Weather forecasts through the weekend have temperatures running in the upper 70s along with a chance of rain moving in Sunday which is expected to carry through the first part of next week.
For the week grain markets were lower across both corn and bean trade months. Nearby July corn lost 5 ½ cents and December corn lost 5 cents. Beans took a more substantial loss as the bearish trend from last week continued. July beans gave back 29 cents and the new crop November contract lost 27 ½ cents.
Holiday Trade Schedule
Sunday, May 24th: Overnight markets will be closed.
Monday, May 25th: Grain markets will be closed for the day session and resume trading at 7:00 PM Monday night. Both Dalton City and Bethany locations will be closed in observation of Memorial Day.
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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