Wednesday corn finds a bid as river freight is weak and we are cheap. 383, plus 3 1/4. Beans up another 7 3/4 to 892 1/2. Wheat in the churn, 547 1/2, a 5 1/2 cent gain. Rice bulls couldn't take the sellers and we broke 21 1/2 to 1339. Dow playing with record highs, 29,523, up 294, and bonds leak 25 tics to 161.22.
WASDE out and Neutral to corn, with futures off 2 cents, 379 3/4. Bullish beans with 1/2 cent gain, 844 3/4. Bearish rice and off 9 to 1360 1/2. Wheat down 10 and some carry sneaks back into the spreads, 542. Dow off 19 tics to 29,229 and bonds off 22 points to 162.15.
Financial markets looking at capital inflows and cheap interest rates, with the bonds gaining 18 tics, 163.05, and Dow gaining 201 to 29,245. Grains are getting settled in for wasde report, Tuesday at 11. Corn off 1 3/4 to 381 3/4. Beans up another 2 1/4 to 884 1/4 with firm meal. Wheat still in the churn, off 6 3/4, settling 552. Rice bull back with a vigor and spread roll shows big size as we close up 8 cents, 1369 1/2.
No follow thru selling from Thursday brought short covers. Corn up 4 1/4 cents, 383 1/2. Beans up another penny to 882. Wheat bounces 2 1/2 as well, 558 3/4. Rice buyer active and 9 higher close, 1361 1/2. Little flight to quality in the financials as bonds up a point and 7 tics, 162.19, and the Dow gets hit for284 points, 29,044.
Good exports in corn, beans and rice didn't give us much bounce, but did mostly keep the bears at bay. Corn off 1 1/2 to 379 1/4, while wheat leaked 5 3/4 to 556 1/4. Wheat sure has spent a lot of time getting churned in this area. Rice off 1 1/2 cent, 1352 1/2, with spread roll the main feature. Beans actually gained a penny, 881 as meal seems to be finding a base. March meal and corn have some pretty big fund short positions that will need to be rolled or covered. The oil roll almost has no choice but to press carry. Dow churning but finding a higher bid late, 29,328, plus 87, while the bonds also seem to have found a bit of a base, 161.12, up 8 tics. Interested to watch tomorrows close for how the computers want to paint the weekly charts.
Hump day trade has the Dow leading the melt up again, 29,241, plus 452. Bonds drop another 31 tics to 161.04. Beans tried early but faded back to 880, plus 1/2. Meal off a buck didn't help. Wheat gained 4 3/4 as the fund longs aren't ready to roll over yet, 562. Corn slips 1 1/2 to 380 3/4, and rice off 4 1/2 to 1354. Two sets of numbers floating around about the corona virus, one OK and one bad. Time will tell.
Dow up 428 to 28,789, lead by a short squeeze in Tesla. Bonds hit for a point and 22 tics, 162.03, showing that this market has some teeth. Wheat up 1 3/4 to 557 1/4 and corn gains 3 1/2 cents, 382 1/4. Rice up 2 to 1358 1/2. Spread roll was soft today, but expect about 400 contracts every day moving forward. Beans close 879 1/2, up 2 1/2. Crush has reset to more modest levels.
Monday trade much more muted than most feared, with the Dow closing UP 165, when there was a solid bet that the Dow would take huge heat Monday. 28,361. Bonds only up 8 tics to 163.25. The world fear index just took a calm down pill. Corn off 2 1/2 to 378 3/4. Rice down 4 1/2 to 1356 1/2. Beans looked lower as the funds hammered meal early, but fully recovered and closed 4 1/2 higher, 877. Wheat stabilized and gained 1 3/4 to settle 555 1/2. Simple truth is the Chinese are getting sick with a flu like virus, not dying in any measurable numbers. This is going to make china take a hit to production and GDP, Drop in crude demand. No measurable drop in food needs. They are putting bearish talk into the grain market because they are a buyer. When was the last time you walked onto a car dealers lot with money hanging out of your pockets, complaining about sticker being too low? About never. Same thing.
China fears rampant with corona virus shutting down the country, and the Chinese government making force majeure available. We are booking more export corn sales, and that holds us 1 3/4 higher to close 381 1/4. Rice buyer pushed late to get a nickel higher, 1361. Wheat struggling and closes off 6 3/4 cents, 553 3/4. Beans off 3 3/4 to 872 1/2, but meal seems to have found some support. Dow gets a spanking for 595 points, closing 28,196 and very nervous about Sunday night. Bonds continue the flight, or fright, to quality, 163.17, plus 20 tics.
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