The grain markets fell after the most recent USDA reports were published Thursday.
The Dow, however, is up 28.23 points to close Thursday at 12,890.46 after Greece’s debt issues were resolved for the time being. Oil followed on increased demand prospects adding $1.99 a barrel to close at $99.72 today. Gold has met resistance in the $1,750 area ultimately ending trade at $1,731.90 Thursday, up $3.60 an ounce this week. The dollar index has fallen modestly as the Euro has rallied. The grains have been hurt the most.
Corn had choppy, sideways trade for most of the week in anticipation of the USDA reports to be released today. After the release, corn moved to its highest point in several weeks only to sell off into the close. Overall, the grain is down 7 ½ cents for the week settling at $6.37 on the March contract today. Export projections were increased 50 million bushels, while ending stocks were lowered by 45 million bushels. Weekly export sales were reported as 694,100 MT, which is down 23.9% from last week.