Highlights
December corn closed above its 100-day moving average on Thursday, which attracted more technical buying on Friday.
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Non-farm payroll showed 175,000 jobs added in April vs expectations of 240,000 to 283,000. Unemployment is estimated unchanged at 3.8%, but it was up a bit at 3.9%. Both indicate the economy is not doing as well as expected. That poor economic news yesterday morning knocked crude oil from 60¢ higher to a dollar lower on the idea US crude consumption would decline. However, the stock market went sharply higher as the dollar fell 80 points. Usually, crude oil goes up when the dollar is weaker and crude goes down as the dollar firms, but not in 2024; the US dollar and crude oil both made their high for the year in April! The crude oil seasonal price trend peaks in late June or very early July.Â
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Earlier in the week, analysts said crude oil was lower because a ceasefire in Gaza was near. While negotiations continue, the parties are far apart on the conditions for a cease fire. Hamas and CIA officials will meet in Cairo today with Egyptian mediators.