Markets saw a nice rally today despite a nice window of good weather which should allow for harvest to progress nicely. Yesterday’s crop progress report did offer some of the support to the markets as well, especially on corn. U.S. corn harvest was seen at 31% complete vs. the 5 year average of 53% complete; Illinois alone is 43% complete vs. 63% on average. U.S. soybean harvest was seen at 53% complete vs. 66% on the 5 year average, with Illinois at 37% vs. 66% on average. Soybean meal was also firmer today with demand remaining strong and leaving good crush margins, this added spillover support to the soybean market. Funds were estimated net buyers of 9,000 corn contracts, 8,000 bean contracts, and 3,000 wheat contracts. In other markets, the U.S. Dollar was up over 30 basis points, the Dow gained 216 points, and Crude Oil was 54 cents higher.
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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