The soybean market has lost momentum. The market hasn’t been able to trade and close above the key level of $12.00, even with all the bullish news of Chinese demand, tightening stocks, and drought conditions in Brazil.
December corn futures finished the session down 9 ¾ cents, trading in a range of 9 cents on the day. Funds were estimated sellers of 30,000 contracts to start the week.
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.
May corn futures finished the week unchanged, trading in a range of 5 ¾ cents through the four sessions. Friday’s Commitment of Traders report showed funds were buyers of 29,288 contracts which put their net long at 18,674.
