Corn posted solid gains ahead of the long holiday weekend, closing a nickel higher. Fund short covering ahead of the break allowed for price strength along with talks of corn acreage being switched to beans due to persistent wet weather across the Midwest. Soybean went the other direction finishing 13 cents lower nearby and 10 cents lower on new crop. As ideas of less corn acres and more bean acres weighed on prices. Also negative to the bean markets were rumor that China may cancel some of their outstanding old crop U.S. bean purchases. Tuesday is expected to show corn planting progress around 90% complete and soybean planting progress near 65% complete. In other markets, Crude Oil was running 89 cents higher at $49.79/bbl, the Dow was down a few points below even, and the U.S. Dollar Index was up around 250 points.
Memorial Day Schedule
Sunday, May 28th: Commodity markets will be closed overnight.
Monday, May 29th: Commodity market will be closed during the day. Both Dalton City and Bethany locations will be closed. Markets will resume trading at 7:00 PM Monday 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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