Grain Futures Rise as Short Covering Gains Take Hold
Grain futures rose overnight as short covering gains took hold, but price downtrends remain in place on daily bar charts. At 6:00 a.m. CDT, December corn was up 3 1/2 cents, while November soybeans were 4 1/4 cents higher.
The grain bulls are attempting to stabilize the markets ahead of Wednesday's USDA Crop Production Report. More position evening may occur in the grain markets over the next few sessions. The key outside markets today see the U.S. dollar index near steady, with September Nymex WTI crude oil prices slightly down at around $77.00 a barrel.
The Senate Agriculture Committee failed to advance the farm bill on Thursday in a 10-11 party line vote due to disagreements over Supplemental Nutrition Assistance Program (SNAP) benefits. The bill includes language that would allow year-round sales of E15, a priority for corn producers.