For being mostly in the red and with seemingly little news in terms of fundamentals to push it around, today’s futures markets nonetheless had some unique developments:
Export sales were above expectations for corn, wheat, soymeal, and soyoil, but all these contracts lost money today.
Though the news is relatively light and there should be little reason to rush into or out of positions, there was above average volume in corn, soybeans, soyoil, HRS, live cattle, and feeder cattle.
China bought over 3 MMT of U.S. corn in three days and USDA seems destined to raise the export estimate, but corn lost over 2 percent of its value.
Lean hogs had below average volume but was the only contract to gain value on the day. ...
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