Morning Market Review by Bryce Knorr
Morning Price Trends
Corn: Steady to up 2
Soybeans: Down 1 to 2
Wheat: Down 1 to 2
Futures are fairly quiet this morning, after recovering from a bout of profit taking early in the overnight session on the heels of Wednesday’s sharp rally. Caution seems to be the watchword with plenty of headline risk into the Labor Day weekend.
Corn prices are mostly firm as traders in the U.S. turn on their computers. While futures followed soybeans and wheat higher yesterday, the rally was enough to take December back to resistance at the support line off summer lows broken early in the week.
Volume was up again on Wednesday, rising 20%, but remains fairly anemic at 265,654, according to the preliminary report from the CBOT. Open interest was down 11,479 despite decent fund buying, in part because traders liquidated September positions wholesale ahead of first notice day on Friday.