Corn had a down week and felt the same sentiment on Friday after sharp increases in the morning. Rumored buyers from China pushed the market up a good portion of the day, but many uncertainties over the buyers drove profit taking before the close. May futures were down 8 ½ cents to $6.12 ½ and July was down 9 cents to $6.03. September was down 10 cents to $5.45 even, the sell-off continued in contracts through 2015. Bean futures rallied into the close of trading on Friday, pushing the change on the day anywhere from 20 ¼ cents to 31 cents higher in the May through September contracts. New crop gains were not as dramatic, but prices seem to be fueled by sustained increase in demand for U.S. beans. May finished up at $14.46 ¾ and July finished up at $14.49 ½ with August and the rest of the bean contracts were up through 2015.
We look for corn to open 1 to 3 cents lower and for beans to open 2 to 4 lower.
Daily CME spot market prices:
Block cheese: $1.5275 (up 1.75 cent)
Barrel cheese $1.46 (unchanged)
Butter: $1.4125 (unchanged)
Grade A NFDM: $1.1675 (down 1 cent)
These data and comments are provided for information purposes only and are not intended to be used for specific trading strategies. Commodity trading is risky and FCStone Group, Inc., International Assets Holding Corporation, and their affiliates assume no liability for the use of any information contained herein. Although all information is believed to be reliable, we cannot guarantee its accuracy and completeness. Past financial results are not necessarily indicative of future performance. Any examples given are strictly hypothetical and no representation is being made that any person will or is likely to achieve profits or losses similar to those examples. References to and discussions of exchange traded products are made solely on behalf of FCStone, LLC. References to and discussions of OTC products are made solely on behalf of INTL Hanley, LLC, and OTC products are only available to eligible counterparties.