Corn Leads Grain Market Higher at Midday
By David Fiala DTN Contributing Analyst
General Comments
The U.S. stock market indices are higher with the DOW futures up 80. The interest rate products are lower. The dollar index is 25 lower. Energies are flat with crude down 0.17. Livestock trade is mixed. Precious metals are higher with gold up $20.
CORN
Corn trade is 4 to 8 higher with support from short covering and export demand. Weather continues to look mostly good for the near term, which will limit gains in the near term. Crop conditions this afternoon are expected to be steady to showing slight improvement. Export inspections slipped to 8.2 million bushels. Nearby support will be at the $4.90 area for now, but another soft finish could trigger a test of the $4.75 area. Basis has started to show signs of firmness again, especially with the crude rally supporting ethanol trade. The USDA will release the July Supply and Demand report next Thursday. The good crop ratings and higher acreage should give us a steady to higher production estimate, tighter old-crop supplies may help offset that giving us a steady carryover number just under 2 billion. The USDA announced 120,000 metric tons of new-crop corn sold to Mexico.
Read More
http://sweetfutures.com/midday-grain-comments/
The risk of trading futures and options can be substantial. Trading foreign exchange carries a high degree of risk, and may not be suitable for all investors. All information, publications, and reports, including this specific material, used and distributed by Sweet Futures 1, LLC shall be construed as a solicitation. Sweet Futures 1 does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71. This website contains information obtained from sources believed to be reliable, but its accuracy is not guaranteed by Sweet Futures 1. Past performance is not necessarily indicative of future results.
