The corn market made a slight recovery after yesterday’s weaker session while soybeans finished the day mixed. The corn market still remains in oversold territory and short covering looked to be a little bit of the theme as we head into the weekend. Continued talks of old crop bean tightness offered support in more nearby months today while deferred months are still finding pressure from the expectation of a large crop and a mostly favorable weather forecast, though a little drier weather trend does look to be creating a little bit of support. Export activity continues to flurry in as lower prices have relit demand a little bit but as prices continue to fall I would think end users are being somewhat patient in terms of pricing grain. This morning the USDA announced a few more export sale consisting of 269,000 MTs of corn to Mexico, 24,000 being old crop and 245,000 new crop and 360,00 MTs of new crop soybeans to China. Funds ended the day being buyers of 3,000 corn contracts and 4,000 wheat contracts and were even in soybean futures.
For the week corn as a whole was lower with the September contract dropping 8 ¼ cents and the December contract losing 6 ¾ cents. Soybeans were modestly stronger on the front end as the August contract gained 35 ¼ cents and the new crop November contract was almost flat losing just 1 ¾ cents.
Outside of the grains and oilseeds, equities were on the weaker side with the Dow dropping 107 points. Crude Oil was fairly quiet being down around a dime in late trade putting it at $101.97/bbl. Gold futures posted sharper gains with nearby futures up over $17.00/oz, and the U.S. Dollar Index fair gains of 17 basis 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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