Corn and soybean markets wrapped the day ahead of the Thanksgiving break with a stronger tone. Corn closed with gains of 1 to 3 cents finding support from talks that the EPA increase the ethanol mandate by 2 or 3%; weekly ethanol production numbers were supportive as well with an increase in production. Beans finished the day 11 cents better which looked to be from a fair amount of fund buying and general short position covering ahead of the Thanksgiving break. The bounce was also attributed to news that the new Argentine President will not immediately reduce/eliminate its soybean export tax. Funds ended the session being estimated net buyers of 7,000 corn contracts and 9,000 soybean contracts. Looking at other markets, the U.S. Dollar Index was 180 points higher, the Dow was right around even, and Crude Oil was 21 cents higher at $43.08/bbl.
Thanksgiving Holiday Schedule
Wednesday, November 25th: Grain markets close at normal time, 1:15PM
Thursday, November 26th: Grain markets will be close all day. Both Dalton City and Bethany locations will be closed.
Friday, November 27th: Grain markets open at 8:30 AM and close early at 12:05 PM. Both Dalton City and Bethany location will be closed.
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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