Corn saw another session of minimal news but still managed to pull out around a nickel in gains. Short covering ahead of the weekend was noted for the strength seen in corn along with firmer crude oil prices and a weaker dollar. Bean were firmer for the first half of the session but gains faded later in the trade session and finally closed a couple cents lower. No new export sales announcements today likely put some pressure on the beans along with some general consolidation. Funds finished the session being estimated net buyers of 7,000 corn contracts and sellers of 3,000 bean contracts. For the week as a whole, both markets were lower, with the March corn contract giving back 11 cents and the January bean contract dropping 18 ½ cents since last Friday. In other markets, the U.S. Dollar Index was 240 points lower, the Dow was down 25 points, and Crude Oil had gains of 58 cents putting it at $51.64/bbl.
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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