Corn was lower again today with the December contract closing at 3.25 and flirting with contract lows of 3.22 ½ seen in early August. Beans saw posted losses of 8 cents on the day as well after seeing a fairly rough session yesterday. Both markets are finding it difficult to find much in the day of positive news as the market seemed to be focusing on the supply side of things in this week’s trading. The ProFarmer tour wrapped up yesterday and production and yield estimates were released this afternoon. They pegged U.S. corn production at 14.728 billion bushels using a yield of 170.2 bpa. This compares to the current USDA figures of 15.153 billion bushels in production using a yield of 175.1 bpa. For soybeans, ProFarmer put production at 4.093 billion bushels using a yield of 49.3 bpa. The USDA currently has production at 4.060 billion bushels with a yield of 48.9 bpa. Funds closed the day being net sellers of 17,000 corn contracts and 6,000 bean contracts. Outside markets saw equites weaker with the Dow down 37 points, Crude Oil was trading right around even as of late, and the U.S. Dollar Index had solid gains of 738 points.
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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