A mixed bag for the grain markets today as corn and wheat were down hard on fund selling and weak fundamentals, while soybeans ended slightly higher on light fund buying and strong demand fundamentals.
Corn closed down 11 cents with Dec 09 at $3.76. Funds were estimated sellers of 9,000 contracts as a slightly stronger US Dollar and profit taking dominated the scene. With the upcoming holiday, traders looked to clean up positions for end of the month reports as many view Monday Nov 30th as the first of December. Harvest progress looks to be hampered over the next 2-3 days by wet weather, although total precip amounts don't look to be that great. A reminder to those producers with December basis contracts or December Hedge To Arrives, both contracts will need to be priced or rolled to the Mar 2010 futures month by Monday.
Soybeans managed to buck the trend set by virtually every other commodity and finish 4 cents higher today with Jan 2010 at $10.46. Soybean support continues to stem from an impressive export demand and domestic crush margins. With harvest basically wrapped up and the shortened holiday trading schedule, traders look for choppy sideways trade into the end of the week.
Scott Meyer
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