Grain markets traded firmer across corn and deferred new crop bean months while nearby beans were weaker. Despite more talk of U.S. corn being rejected by China due to the contents of an unapproved GMO variety today, futures managed to close a nickel to 6 cents higher across most months with a lot of short covering being the support line. Beans stayed defensive on old crop months today with the favorable weather outlook in South America allowing for planting completion and good early crop development. Weakness in beans was also seen due to rumors that China was looking to get out of some January soybean purchases. Funds were estimated buyers of 8,000 corn contracts and 3,000 wheat contracts and were even on the day in beans. Outside markets had the Dollar Index almost 30 points weaker, the Dow was down over 100 points, and Crude Oil was $2.28/bbl higher.
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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