Corn futures ended on a higher note today with strong support on exports sales, higher crude oil, and stocks finishing up higher. Export sales for the week showed corn at 46.9 million bushels and soybeans at 15.8 million bushels, both up sharply from the previous week. Traders continue to remain cautious about adding a large speculative position ahead of next weeks USDA Crop Planting intentions report. Traders already considering the possibility of a repeat of last year’s wet spring with delayed corn plantings. Corn trade will continue to balance the prospects of clearly burdensome old crop stocks with lower production potential next year and a sharp year to year stocks decline. Producer selling has waned considerably as the market has slide.
Soybean futures closed lower after choppy trading throughout the day. Talk of the Chinese government releasing 1 million tonnes of soybeans it had been holding in reserve into the domestic market weighed on prices today.
We would like to invite you to our new Online-Offer system that allows you submit offers 24/7. You will first need to sign up on our website wwww.elburncoop.com to gain access. If you have any questions give your local merchandiser a call.
~Chris Spurlock
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment