Today the market ended mixed with ahead of the Perspective Planting Report and Quarterly Stocks Report on Monday. Corn traded sideways to slightly up on the close with December corn closing at $4.8725. We anticipate a quiet to flat market prior to the report.
The trade is anticipating 92 to 92.7 million acres, any less would be bullish and the potential to move above the $5 basis the December corn contract. If acres come in at the anticipated levels the market will move on to weather in anticipation of when this crop will get planted. Remember it is still early even though many of you were already in the field at this time last year. In my opinion the Quarterly Stocks Report will have more of an influence on markets on Monday.
As for wheat, it finally hit levels where farmers began selling and the International Grains Council came out on Thursday with the expectation that production would meet the world’s needs for 2014-2015. July wheat closed at $6.992 down $.1525 on the day. Look for a resurgence of the uptrend if we see continued dry weather and conflicts in the Ukraine.
Bottom line: Make sure when trading the markets with this much volatility your strategies are balanced and you have the ability to manage your risk.
If anyone feels they need to put structure into their risk management decision-making and would like to discuss marketing strategies, call Bob or Laura (1-800-832-1488). We will also try to answer questions in upcoming blogs and we welcome emails to [email protected] or [email protected].
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