Grain markets made solid gains today, especially on beans, with funds being pretty heavy buyers in corn and the soy complex. Weekly export sales on both commodities were on the stronger side as well this morning which helped with today’s bullish tone. There was also a lot of talk about money moving out of other markets and going into the grains, pushing prices higher. Commodity funds ended the day being estimated net buyers of 8,000 corn contracts, 10,000 bean contracts, and 2,000 wheat contracts. Outside markets saw gold futures down over $13.00, Crude Oil was $1.45/bbl higher, the Dow picked up 188 points, and the U.S. Dollar was 10 basis points better. Weather forecasts still have a 20% chance of showers for tonight, though is sounds like it will be less than a tenth if we do receive anything. Past that the balance of the week and weekend currently look clear.
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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