Bean futures ended lower again today following a firmer start overnight while both corn and wheat futures closed with modest gains. Yesterday’s crop progress didn’t seem to impress the trade coming in at 6% complete vs. estimates of 10 to 15% and the five year average of 14%. This compiled with the overall later start to planting allowed corn to press higher. Soybeans came under heavy selling pressure with continued questions over whether or not China will cancel more purchases from both the U.S. and Brazil; there were also new rumors starting today that China will also begin to sell beans out of their reserves. Funds were buyers of 12,000 corn contracts, sellers of 7,000 bean contracts and even in wheat. In other markets Crude Oil was down $2.68/bbl, Gold was down over $5.00/oz, the Dow gained 87 points and the U.S. Dollar Index down 5 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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