Great Bulk Deliveries put pressure on corn futures

corn futures

Corn futures were trading in lower prices as it was seen as the aftermath of a heavier than expected bulk deliveries against the expiring March contracts, this was despite the facts that the rainy weather has slowed down planting in the U.S. Midwest area.

Jerry Gidel, a representative from Price Futures Group, stated that “Most of today's deliveries were on the high side of expectations despite some ideas that wet weather would curtail today's initial numbers."

The unexpected heavy deliveries have kept the corn trading market in a rather defensive position. While large deliveries have really pressured the corn market after the strength in the week, making corn unchanged in last week’s recap.

July Corn futures finished with a decrease of 0.7% on the day, and were sold at $3.66 per half a bushel.

Weather concerns seem to have switched the U.S. Wheat production making the wheat market has the most buying interest, because deliveries are manageable.

Meanwhile reports of a colder air that is brought after the rainy season on will change the rain to snow, which likely result to snowfall accumulations, this was reported by a representative from the MDA weather services.

Corn was not the only commodity to be found trading in negative positions, Soybean futures were also down by 0.1% and were traded at $9.56 per quarter barrel and Cocoa futures have extended its losses as the bearish fundamental continues to put pressure in the market.  July New York cocoa settled down by 1.5% and was sold at $1,841 per ton.

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