This information is provided by Scott Harms - Archer Financial Services, Inc. 800-933-3996.
Fund selling was certainly the driving force to start the week in grains and although that trend largely continued throughout the week for soybeans and wheat, the corn market experienced mid week buying that likely left fund activity rather flat for the week.
The funds certainly became disenchanted with soybeans and wheat as they were sellers of over 30,000 and 11,000 contracts respectively through Tuesday’s trade. Corn open interest climbed to another record high as outside money continues to flow into the most solid of grain markets.
The bull market continues in corn as it seems that at every turn we see little signs of rationing. Corn exports were solid again this week, as Mexico was solid buyer. The last three weeks of exports in corn have been the strongest of the marketing year even as prices are nearing all time highs. I would expect that trend to continue as we search for signs of rationing.
Every day seems like Groundhog Day in this corn market.
(click to enlarge)
(click to enlarge)
