Corn values continued to slip lower as yesterday’s report numbers and good weather forecasts weighed on prices. Plugging in the new acreage number to the balance sheet with trend line yield adds up to another record crop and would leave us with an extremely comfortable balance sheet. Anything else in the way of fresh news was mostly absent in today’s market and weather continues to be king in driving the market. Soybeans gave back some over yesterday’s solid rally, closing around 15 cents weaker on the November contract. Export demand continues to keep the bean market alive and despite yesterday showing more acres of beans, the 2016-17 balance sheet looks like it could come up on the tighter side. Funds closed out the session being estimated net sellers of 8,000 contracts of corn and 7,000 contracts of soybeans. They do still hold fairly lengthy positions in both commodities though they have liquidated a fair amount of their corn position over the past two weeks. Looking at the week as a whole, it was another brutal week for corn losing 31 ½ cents nearby and 27 ¼ cents on the new crop December contract. Soybeans fared much better with the July contract gaining 65 ¾ cents and the November contract picking up 59 cents. In other markets, Crude Oil was 88 cents higher late, putting it at $49.21/bbl, the Dow was up a moderate 19 points, and the U.S. Dollar Index was down around 250 points.
Independence Day Holiday Schedule
Sunday, July 3rd: No Evening Trade Session.
Monday, July 4th: Commodity Closed. Both Dalton City and Bethany Locations Will Be Closed.
Tuesday, July 5th: Markets Resume Trading At 8:30AM.
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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