Futures prices were initially called to open around 20 lower this morning, as spec selling was collected prior to the opening.
Unfavorable weather in the Northern Delta was seen as a supportive factor, and this actually led to prices opening higher as trade buying was the dominant feature on the open. After the re-opening prices rebounded even higher, with December reaching resistance around 52.75.
Light trade selling and a lack of follow through local buying eased prices back for the rest of the session.
The notable feature early was the continued tightening of the Dec/March spread which had many a local scrambling out of bear spreads, in the process moving in to around 320 at one stage.
By the mid session the December was back under pressure, falling through unchanged and back to the support levels around 51.50.
Bearish options were pressuring prices, as was one prominent overseas fund who was a good seller of approximately 500 Decembers. In the end prices settled with losses of 33-49 points. Estimated volume was decent at 13,000 lots.
October notice went out on Friday, and although only 186 notices went out, it was notable that one major player ( Cargill ) are a stopper, and likely own all of the October Open Interest, which as of this morning was 765 lots. This evening they were again the large stopper with 83/90 lots.
This weeks US crop ratings were up on week to week from a total index ovf 83.8 to 84.6. Impriovements were mostly noted in Georgia, Mississippi and Texas.
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