Earlier this week we saw the corn and bean markets find a little bit of support from the FSA acreage number update but that ended up being short lived as grain markets fell under heavy selling pressure again today, and for the third session in a row now, closing with corn 6 cents lower and beans 14 cents lower. The continuation of excellent yield reports and large expectations are currently leaving very little room on the upside of things, along with general harvest pressure. Funds were estimated net sellers of 6,000 corn contract, 9,000 soybean contract, and 6,000 wheat contracts. In outside markets the Dow was 109 points higher, Gold was down over $10.00/oz, Crude Oil was down 62 cents, and the U.S. Dollar Index was up 50 basis points. Weather forecasts look clear through the day tomorrow before a 60% chance of shower is anticipated to move in tomorrow night.
Corn moisture has seemed like it has gradually came down over the past few days, running just a shade over 22% on all the bushels we have unloaded so far today, yesterday we did ended up dumping a little more than 200,000 bushel here at Dalton City.
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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