Grain markets closed out the week on a lower note as the market struggled to find buyers at the current levels following the nice rally we saw yesterday. The fact that we should see excellent harvest progress over the weekend likely had some covering their positions as well. Markets were stronger for the week as a whole, lack of producer selling and large amounts of money moving into commodities from other markets were a couple of the supporting factors we saw this week; harvest progress is also lagging vs. 5 year averages which also gave the markets a boost despite the majority of this week being conducive to field work in many areas. For the week, December corn gained 5 cents, March corn picked up 5 ½ cents, November beans gained 25 ¾ cents, and January beans gained 23 ½ cents. Funds ended the day being estimated net sellers of 8,000 corn contracts, 7,000 bean contacts, and 4,000 wheat contracts. Outside of the commodity markets, Crude Oil was down 83 cents, nearby gold was shy of $2.00 higher, the Dow was up 123 points, and the U.S. Dollar Index fell 12 basis points. Weather continues to look clear through Monday; then there is a 40% chance of showers currently expected for 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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