In the grain markets, the wicked swings continued as grains mostly held or added onto their overnight gains during Tuesday’s session. It looked like the strength may fade early, but by the end of the day strong cash markets and a lack of deliveries had pulled July corn up 39.75 cents and new crop tagged along for 15.75 cent gains trading to 612.50. Beans picked up 5.5 cents in November and wheat prices were sharply higher, led by Minneapolis up 28.5 cents, while KC gained 14.75 and Chicago was up 20.75.
This morning, we look for corn to open 4 to 6 cents lower and for beans to open 8 to 11 lower.
Daily CME spot market prices:
Block cheese: $2.1225 (down 0.25 cent)
Barrel cheese: $2.1025 (up 0.5 cent)
Butter: $2.04 (unchanged)
Grade A NFDM: $1.625 (unchanged)
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