March corn is trading 2 cents higher near 7:30 am cst. Grain markets held steady for most of the night as traders and investors look ahead to a key unemployment report today. Equity markets turned higher and US bonds dropped for the second day in row. The US Dollar extended its upside gains on the week against the Aussie, Euro, and Yen. Crude, silver, and copper are sharply lower.
Despite a positive tilt to calendar spreads and expectations for a slightly bullish USDA report next Friday, the corn bears continue to keep the pressure to the downside as technical signals favor the move and export demand fails to develop. Traders will get a fresh look at two different demand reports today with the EIA Ethanol Stocks and Export Sales. Most commodity markets fell under a great deal of pressure yesterday afternoon and the trend continued overnight. The FOMC released minutes from their last meeting which showed a great deal of dissention between members on when to slow their loose monetary policies. Between an improving unemployment rate, a steady housing recovery, and thoughts that interest rates may creep higher late in 2013, investors pushed the 30 year US Bond to its lowest levels since mid-September and the US Dollar surged to the upside. Yesterday's traded volume was pegged at 166,124 and OI saw a modest decline of 431 contracts. Funds were estimated to have sold 5,000 contracts on the day.
Read More on International Business Times