Was today a glass half full or half empty for the corn market? The bulls will point to new highs being made again today, while the bear will point to a close that was near session lows. Today there was fund buying to drive the market higher early on in the session but then as the dollar rallied values dropped off to trader lower before a recovery to unchanged, quite interesting really with the market selling off $.12 from the highs, rallying back to challenge them before closing unchanged. Producer selling today picked up for both old and new crop as producers sell near 6 month highs into the continued fund buying. Will the buying continue? or will producers in areas experiencing good yields get their selling shoes on?
The Soybean market put in a mixed day today as a ramifications of the November USDA crop report is still being absorbed by the market as larger US crop and a So. Hem crop that is 27 MMT larger than last year would seem to be a detrimental to higher prices. The US $ traded mostly firmer but fund buying, stronger crude oil, and stronger precious metals trumped the bearish USDA news allowing soybeans to finish the day firmer. Good harvest weather is currently forecast for most of the belt which should allow for soybean harvest progress to get largely wrapped up.
Phil Farrell
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