On Thursday, the CME Group’s farm markets lean on the hot wheat market, reports Successful Farming.
At the close, the March corn futures finished 1¢ lower at $3.83¾. May corn futures ended 1¼¢ lower at $3.90.
Al Kluis, Kluis Advisors, says investors expect Friday’s USDA reports to show a cut in corn and soybean production.
“We will need a bullish report for both corn and soybeans to keep prices pushing higher," Kluis stated in a daily note to customers. "We are building in risk premium, since many expect the crop size to be cut. If we see minor changes in crop production, then we could see corn and soybean futures pull back."
