Happy Thanksgiving! Our offices and elevators will be closed for Thanksgiving and will re-open Friday morning at 7:00 am.
Corn futures were firm overnight and this strength carried on throughout the day session. The corn market was able to snap a six day losing streak, as oversold condition and trend line support worked in concert with the lower dollar to boost prices. The US dollar index broke below recent lows to close at the lowest level since August of 2008, this action helped lead to another record high for Gold futures as they approach the $1,200 level.
Soybeans traded on both sides of unchanged, and the market did find support at $10.32-10.35 area for the second day in a row. It was strange to see beans struggle while corn and wheat were the upside leaders today but that may be attributed to traders taking profits on the long soybean-short corn trades that have been profitable so far this month. Volume was light in pre-holiday trade and sharp early losses were quickly erased. Volume overall was very light, leading to a choppy trade that had a hard time figuring out which direction to go.
Phil Farrell
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