Grain markets started out the morning a little weaker but did bounce back to the positive side mid-day and closed with corn fractionally higher and beans around 3 cents higher. News was fairly quiet in today’s session and forecasts for rain tonight and tomorrow looked to be the supportive factor as this will slow down harvest for a day or so. Funds were estimated buyers of 2,000 corn contracts, 3,000 bean contract, and 1,000 wheat contracts. Outside markets saw a sell-off in equities as the Dow was down 225 points; Crude Oil was 43 cents weaker, and the U.S. Dollar Index was 3 basis points below even. Rain is expected to move into the area late tonight and continue through tomorrow; temperatures are supposed to cool off a bit tomorrow night.
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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