Corn closed the day slightly higher after seeing a moderate bounce overnight. Early support was tied to strength in soybeans but as the day moved on, weakness in the wheat market seemed to pull the corn market back down. Soybeans were sharply higher today, closing up 24 to 26 cents. Supportive news came from the U.S. and China trade negations as it was announced over the weekend that some trade resolutions had been reached, though specifics were have not yet been released. This afternoon’s planting progress report showed U.S. corn to be 81% planted which is right on with the 5 year average of 81%; soybean planting progress was seen at 56% complete vs. 44% on average. Short term weather forecasts for the corn-belt look favorable for current crop development. Funds ended the day being net sellers of 10,000 corn contracts and were buyers of 10,000 bean contracts. Outside markets market were mostly firmer, also finding U.S. and Chinese trade news positive. In later trade, the Dow was up 298 points and Crude Oil was up over a dollar while the U.S. Dollar Index was a little weaker.
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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