Grains today in Chicago closed mostly higher. Though significantly off their daily highs. The retreat from the highs was lead by long liquidation in nearby corn and soybeans and especially following liquidation of July/November bull spreads after touching new highs at +1.72. Support was seen by the US Dollar Index trading below support today.
Corn closed nearly unchanged after a surge on the open was met with selling. This an indication of ample corn stocks around and heavy farmer ownership. Though many feel that if the rain develops over the weekend that corn could advance a quick 50 cents especially in December. As soon, yield drags from late planting will become ever more important.
Soybeans closed higher although, more rumors circulating about Chinese cargoes getting moved to new crop. Still appears that US farmers are reluctant to switch many acres to soybeans even this late in the game.
Jeff Neisler
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