Corn traded both sides throughout the session before ending just slightly lower. It continues to be a battle with no clear winner as the bulls fight the oncoming of a potentially record breaking crop and the bears must acknowledge that frost is still a legitimate concern. And so the dance continues. The Sep corn was down a penny and finished near $3.20; the Dec corn was down 1/2 cent and settled at $3.26. There was little to no news in the corn today. As such, corn was left to look elsewhere for influence. The outside markets had a bearish skew with crude oil spending most of the day trading lower and the dollar trading at its highest level in a week. The livestock markets continue to take it on the chin. Both the cattle and the hogs were down as much as $1.50 on the day.
Like the corn, the soybeans spent the session trading both sides of unchanged before finishing slightly lower. Most contracts were down 2-6 cents on the day. A general lack of fresh fundamental news led to the aimless direction of today’s trade. The cool Midwestern temps being forecast for the rest of this week have raised concern as soybeans are setting pods. While not as damaging as a frost could be, these temps are not likely to help the crop. Many in the country are also noting the emergence of white mold and sudden death syndrome, this is something that isn't too high on the mind of traders at this point.
Phil Farrell
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment