Grain markets came under heavy selling pressure today following the release of the USDA Supply and Demand Report. Today’s Supply and Demand Report did not show a whole lot of changes to the balance sheets but the run up in the market last week also seemed to play a part in the weakness seen today. The corn balance sheet saw exports increased by 25 million bushels which in turn caused a 25 million bushel decrease in ending stocks. This number was below expectations, however, with world production being seen at a record high and the U.S. ending stocks number still being at 1.456 billion bushels a bearish tone was created in today’s trade. For soybeans we saw ending stocks drop just 5 million bushel to 145 million which was above average estimates; other items that were adjusted on the soybean balance sheet was a 5 million bushel increase in import, a 10 million bushel decrease in crush, and a 20 million bushel increase in exports. Commodity funds were fairly heavy sellers today with 14,000 corn contracts, 12,000 soybean contracts, and 6,000 wheat contracts. Outside markets had the Dow down 35 points, Crude Oil was $1.57 weaker, Gold was up $2.00/oz, and the U.S. Dollar Index gained 9 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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