Markets firm overnight on renewed optimism toward Chinese trade issues and noise from Trump administration that a “giant package” related to ethanol will be announced soon. Not to throw a wet blanket on things but unless it directly translates into another 500 mln bu of corn use its all just market noise.
At 0630 CZ19 trading $0.01 ¾ higher at $3.73 on vol of 25K. SX19 $0.05 ¾ higher at $8.61 ¾. Chi and KC wheat giving up some ground.
Wrapping up the month of August today and corn trading near 38 cents lower with soybeans off about 7 cents.
Dow futures trading 135 pts higher on trade optimism and trying for a third straight higher close. Dow trading the highest since Aug 5th.
Corn deliveries totaled 400 contracts this morning with a last trade date assigned June 26th and saw no commercial activity. Soybean deliveries totaled 866 contracts with a last trade date assigned of Aug 28th. Term put out 178 receipts.
Weird spread trade late yesterday with CUCZ hitting 12 ¾ late with central IL corn basis at 28U.
Open chart gap on CZ19 between $3.92 and $3.88 getting some attention. Cool temps remain largely in place for the next week. Lite rains across the belly the next 48 hours with more substantial amount mid / late next week. No Frost alarms sounding.
Markets closed Monday in observance of Labor Day. Night trade will start at 7:00 PM Monday as usual.
INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved.
E- mail: Bruce.Nelson@IFCS.com
1075 Jordan Creek Parkway Suite 300
West Des Moines, IA 50266
800-422-3087 Ext 3791