Dry Argy weather and firm meal lead beans 9 1/2 higher Friday as I struggle to believe funds are leaving the market as reported, but unable to confirm because CFTC still can't fix a month-old issue. 1518 3/4 close. Corn up 6 to 639 3/4 but wheat lost 4 cents, 708 3/4. Rice off 24 cents, 1735 as we price some more cash in the $8 range. Concern about how a major new players rice will affect domestic cash if it all comes to market at once. Pretty strange trade all for all and I wouldn't hang a hat on any of the Friday grain action as a bigger picture indicator. Dow and bonds did in fact base, and we got a 396-point bounce in the Dow, 33,414, and bonds gained a point and 20 tics, 123.27. Keep in mind we use to have a floor around 125 for bonds so we are just going back to see how resistance performs.
Beans the feature again on the surface Thursday, but to me the Dow stabilizing and bonds getting to fair pricing are more important in the bigger picture. Dow up 325 points, 33,018 and seems like they have succeeded in placing a new lower point to churn from. Stability and predictability are more important than price to the machine. Bonds off another 31 tics, 122.07 and they will surely try to base them down here somewhere soon as well. Exports were delayed, and soft as expected and I do worry that for corn we are feeding wheat in places that should be buying our corn. Soy picks up another 15 to erase the Tuesday drop, 1509 1/4. Wheat up 2 3/4 to 712 3/4 and India stories of a wheat shortfall are getting traction. Corn leaks a couple cents, 633 3/4. Rice up 7 cents, 1759 and getting into some selling territory.
New month Wednesday with new money and deliveries started all help to stabilize the markets. Basing action really showing up post open and beans show the best, 1494 1/2, plus 15 1/4. Corn up 5 1/2 to 635 3/4 and wheat up 4 1/2 cents as well, 710. Rice had a 60 cent roller coaster as downside trailing stop hunting early lead to sidelines buyers showing up and we closed up 17 cents, 1752. Dow trying desperately to make this the new churn area, 32,693, up 11 points. Bonds off another 30 tics, 123.06.
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