Corn and beans started the week off on a lower note, but did close well off session lows. Weekend rains combined with cooler temperatures forecasted for this week pressured prices throughout the day. This afternoon’s updated crop conditions showed a 2% decline in corn ratings putting them at 62% good/excellent and soybeans saw a 4% decline placing them at 57% good/excellent. Funds were moderate net sellers in the day with an estimated 4,000 corn contracts and 9,000 bean contracts. Outside markets saw the Dow down 66 points, the U.S. Dollar was up 125 points, and Crude Oil was running around 60 cents 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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