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Corn Trading At 396; Weather May Pressure Market Further

Published 05/24/2016, 08:31 AM
Updated 07/09/2023, 06:31 AM

The markets seemed uninterested in supporting further gains or selling off with the signals of indecision with the Feds comments. Janet Yellen is on tap to speak later this week and hopefully she can be a cheerleader and pump the uncertainty that is effecting investors.

On the corn front the July contract is currently trading at 396 which is 1 ¾ of a cent lower. The trading range has been 398 ¾ to 394 ½. Forecast of rains and warm temperatures may pressure the market further as the soybeans are down 10 cents in the overnight session

On the ethanol front there were no trades posted in the overnight electronic session. The June contract settled at 1.61 and is currently showing 1 bid @ 1.600 and 2 offers @ 1.620.

On the crude oil front talk that the Canadians are ready to export even with the Canadian Sands disaster. Also the Iranians said they have no plans to cut production and may even raise production. This had bullish investor’s kind of pull in the reigns on this rally a little bit. And the comments from the Fed was no help either. In the overnight electronic session the July contract is currently at 4788 which is 20 points lower. The trading range has been 4812 to 4764.

On the natural gas front the contract is trading mixed in the overnight electronic session with June trading higher and deferred months lower. The June is currently trading at 2.065 which is 1 cent higher. The trading range has.

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