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FBN’s Jeff Flock with news that corn prices are near a record high as a drought is sweeping through the Midwest.
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-- let's take a sharp left turn here and talk about grain trading the close of grain trading just a couple of hours a week now.
Usually headed into a weekend there's more selling.
But in this case there's rain coming but corn prices are climbing though off earlier highs Jeff Flock is following the action in the -- -- the CME.
Considering the -- -- watching this even more closely than we would for.
-- -- -- -- You're exactly right -- absolutely -- that's volumes.
-- think about the money that is in this market some people say there's anybody really trading in corn take a look at these numbers right now.
The December Patrick just the December contract which is the most heavily traded.
I just did this calculation a few minutes ago seven dollars and 37 cents a bushel times 5000 bushels from which is that it is a -- contract.
There were a 1191000.
Contracts traded today.
That's four point four billion dollars worth the money right church yet that's exactly expand and that's what a lot of people are nervous ahead of this weekend there's a lot of money invest in this market this -- involved -- uses are desperate to get coverage so they're just looking to -- even up ahead of the weekend and let's take a look at corn real quick all the contracts because we're talking about.
Not just in December corn which is the most heavily traded but the July contract which just closed that's more the cash price that's a higher price -- and write -- -- by the time July just expired has to converge with cash futures and that's exactly what you're seeing now.
Corn is higher now and it's getting higher than -- that's corn by the way -- options were to look at that hit packed with people.
Lot of action here today.
As always in better thank you and -- its tents.
