Corn saw solid gains on the day in what was a pretty active trade session. Sharp gains in beans were supportive to corn along with weakness in the dollar and moderate fund selling. Other fundamental news remains that same as corn stocks are very comfortable. Soybeans surged higher on old crop months in the session closing with gains around 23 cents; new crop was much more subdued closing just 1 ½ cents higher after being up as much as 11 cents at one time. Argentina received too much rain over the weekend causing flooding in some areas which led the bean market to heavy buying. It was estimated that 30% of Argentina’s bean crop could be impacted by the excessive moisture, however it is also thought that Brazil’s production could cover losses seen in Argentina. Outside markets were mostly weaker today as we saw the U.S. Dollar down 1,200+ points, the Dow was off 58 points, and Crude Oil was 13 cents lower, putting it at $53.30/bbl.
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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