Corn and soybean market were a little more defensive today as we head in to the holiday weekend. Improving weather outlook for the corn-belt seemed to be weighing on corn futures as we closed 2 to 3 cents lower across most trade months. Soybeans found moderate selling pressure on front end months following good gains made in the previous 3 trade sessions while the new crop November contract did manage to hold on to 2 cent gains to close. Weekly exports came in right around trade estimates which did not end up lending any real support or resistance to prices. For the week, May corn lost 3 ¾ cents, December corn lost 2 ½ cents, May beans gained 51 cents, and November beans gained 24 ½ cents. Funds were estimated sellers of 6,000 corn contracts and 3,000 bean contracts and even in wheat on the day. In other markets Crude Oil was 70 cents higher in late trade at 104.46/bbl, Gold futures were down $9.30/oz, the Dow was up 14 points, and the U.S. Dollar Index gained 2 basis points. Weather for the 3 day weekend is expected to be warmer with a couple small chances for showers late tonight and again on Sunday night.
Holiday Hours Friday, April 18th – Heritage Grain Closed. All Markets Closed. Sunday, April 20th – Heritage Grain Closed. Grain Markets Open at 7:00PM.
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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