Morning Market Review by Bryce Knorr
Morning Price Trends
Corn: Up 1 to 2
Soybeans: Up 6 to 9
Wheat: Up 6 to 9
Futures markets are trading mixed today, though all contracts are well off session lows. Low volume continues to create erratic trading headed into the weekend.
Corn is seeing some light profit taking this morning, after retracing 38.2% of this week’s selloff on yesterday’s rally. Futures overcame a weak overnight open, with the market overall extremely quiet.
Volume in corn slumped again on Thursday, falling 22% to 208,884, according to the preliminary report from the CBOT. Open interest did gain 12,499, however, on light fund buying.