Grain futures profit taking, and position squaring continues as we inch closer to the end of the week and July option expiration.
Soybeans higher on heavy rains that are stalling planting. We traded above the $9 per bushel level which was a resistance level and now will be a support level. Soybean futures are currently trading at $9.10 per bushel.
December corn futures finished yesterday’s session 2-½ cents lower, trading in a range of 6-¼ cents. Funds were estimated sellers of 7,000 contracts on the day.
The corn market is clearly waiting on new news to give it new direction, Friday's USDA report will likely be enough of a catalyst to spark the interest of traders and other market participants.
December corn futures finished Friday’s session up 5-½ cents, trading in a 10-¼ cent range, trimming losses for the week to 6-¼ cents. Friday’s Commitment of Traders report showed managed money sold 33,313 futures from June 19 to June 26, expanding their net short position to 90,764.
Export inspections Thursday morning in corn came in at 1,511,746 metric tons, a strong number that offered little support to the market. Attention this week will be on weather and Friday’s USDA report which will give us an updated look at quarterly stocks and planted acres.
CME Group, a diverse derivatives marketplace, today announced the launch of options on its Black Sea Wheat FOB and Black Sea Corn FOB financially settled futures contracts, to begin trading on July 16, 2018, pending all relevant regulatory review periods.

After an extended period of historically low volatility the agricultural futures markets have sprung back to life. They have been driven by what we call The Two W’s, weather and Washington.

Soybeans have traded as much as 58 cents off of Friday’s lows in the early morning session. There has been renewed hope on the trade side of things, not just that China wouldn’t disappear but perhaps even start buying more agricultural products from the United States.