Commodity markets were quietly firmer today with corn closing up a penny and beans up 2 cents. Fresh news was very limited in today’s trade and support seemed to be coming from Monday’s crop conditions report showing a decline in ratings that was a little more than the trade had expected. Trade issues with China remain a concern but it seems the market is taking a break from using that as a reason to push prices lower. Funds were light buyers of the day with an estimated 3,000 contracts of corn and 2,000 contracts of beans. Managed money does continue to hold a short net position in both commodities. Outside the grain markets, Crude Oil was 66 cents higher, the Dow was up 79 points, and the U.S. Dollar Index was up just over 100 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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