Commodities sold off across the board after the new Covid variant Omicron caused fear and uncertainty in Friday’s shortened session. Corn prices were in the red most of the day but turned green after better-than-expected export data from USDA took hold. Corn’s late-session rally helped prices jump more than 1% higher by the close, December futures added 6.5 cents to $5.8625, with March futures up 6.25 cents to $5.9175. Preliminary volume estimates were for 296,804 contracts, falling well below Wednesday’s … Continue reading “Corn Avoids Commodity Selloff After Strong USDA Export Data”
Chicago soybean futures fell under $13 a bushel near 35 week lows. Hurricane Ida halted traffic on the Mississippi river and caused power outages and damaged grain elevators and port terminals. Prices way up lower demand and trapped supply.
US net corn export sales continue to rise. Mexico and Japan are the two largest destination for American corn. The Department of Agriculture reported current crop and next crop corn were up 35% from the previous week.
Corn and Soybean Futures were crushed over 5% after the USDA realised higher than expected production and yields Tuesday. Both contracts were sitting vulnerable after triple tops and trading under the Ichimoku clouds.