Grain markets were weaker across the board today with a sharp sell-off in the wheat market leading things lower in what was the last full trade week of 2014. Overall, corn made small gains for the week with plenty of supportive news, including working out the issues with the MR-162 corn trait with China, which was supportive to both the corn and DDGs markets, weekly export sales were average, and weekly ethanol production numbers were good. The bean market was a little more defensive as we saw a disappointing crush number on the November NOPA crush report and a mostly nonthreatening weather forecast for South America. Wheat futures were sharply weaker today succumbing to profit taking after making large gains earlier in the week due to concerns over Russia putting a limit on their wheat exports. Funds were estimated net sellers of 2,000 bean contracts and 7,000 wheat contracts and were even in corn. Outside markets saw a firmer U.S. Dollar, up 36 basis points, Crude Oil gained $2.80/bbl now putting it at $56.91/bbl nearby, Gold futures were up $2.50/oz at $1,197.20/oz, and the Dow fell off 30 points. Weather for the weekend is expected to be clear and hopefully including some sunshine along with temps in the upper 30s. Monday and Tuesday are expected to bring another chance for a round of rain showers.
For the week the corn market stayed fairly range bound after breaking out above recent highs last Friday; the March contract gained 3 cents and the May picked up 3 ¼ cents. The bean market fell under some selling pressure for the week unable to find a whole lot of supportive news despite corn staying on the firmer side; the January bean contract lost 16 ¾ cents and the March contract gave up 15 ¼ cents. Basis wise we did see both the cash and January basis get a couple cents better on both corn and soybeans alike.
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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