Friday trade weighed by talks of China halting Ag purchases in retaliation for US Hong Kong stance change. Corn off 1 3/4 to 325 3/4 and beans down 6 1/4 to 840 3/4.. Wheat gains 6 1/4 for a 520 3/4 settle and rice buyer pushed up again, 1721 1/2, plus 33. Dow off 79 points, 25,378, and bonds gain a point and 11 tics, 180 even. Funds are now a huge corn short for this date, but projected fundamentals make any major rally difficult. Order-flow and the calendar are in competition.
'Short week begins Tuesday with China bean sales, old and new, and a 13 3/4 cent rally, 847. Meal was dormant, so its all on china back. Argentina peso in the dumper and the dollar weakened, so both are friendly to beans. Corn up a penny, 319, while wheat slips 2 to 506 3/4. That's still a mighty wide spread between the two. Rice funds spike July futures overnight and spend all day buying Sept. July up 19 but looking the roll right in the eye, and I don't see a July buyer to take their inventory. Delivery rules work in the commercial favor for July. I'll dig deep in the rule book for the specifics in the newt few days. Dow pops for 578 points to 25,002 and bonds leak a point and 9 tics, 178.31.
Pretty quiet trade Friday leading into the holiday weekend. Corn up 1/4 to 318. Beans slip 1 3/4 to 833 1/4, but meal seems to have fond some support. Wheat off 7 1/4, giving back some of midweek strength, 508 3/4. Rice up a penny, 1605. Dow push lower early rejected and we close 48 higher, 24,424. Bonds up 17 tics as well, 180.08. Commitments has the funds selling basically everything, and now short probably 275K corn.
Thursday exports solid but trade is worried about rhetoric increasing between China and Trump going into a holiday weekend, as well as an extra day of planting. Beans put up great sales and break 11 3/4 to 835. Same story in rice, 1604, minus 4 1/2. Corn slips 1 3/4 to 317 3/4. Wheat finds a small bounce, 516, plus 2 1/4. Dow on a 143 point down day churn, 24,376, and bonds gain 3 tics, 179.23.
Wheat caught a bid as Europe is not in the bag by a long ways, and some black sea price fluctuations put wheat up 15 cents, 513 3/4. Corn quietly off 1 3/4 to 319 1/2. Went to Indiana yesterday and no shock, but just lots of ponding. We still have lots of corn and expected bigger carryover in the future, but these rains have stolen some pretty invisible acres. Beans gain 4 1/4 with more Chinese sales rumored, 846 3/4. Rice closes 1608 1/2, up 1 1/2 with half the remaining receipts cancelled. Been waiting on that for a while, wondering if it would come. Dow churns right back up yesterdays losses, 24,519, plus 361, while bonds regain a full point to 179.20. Its really quite amazing just how consistently the computers can churn every market.
Tuesday was a catch your breath day, with rice unchanged, 1607, Corn up 1/2 to 321 1/4. Beans give back 2 1/2 to 842 1/2, but meal seems to be bottoming. Wheat has a small 1 3/4 bounce, 498 3/4. Dow just getting churned, abet with wider margins, 24,158, off 349. Bonds base and rally 15 tics, 178.20. First big typhoon has a bullseye on the edge of India, and more importantly,Bangladesh. We will know more tomorrow, but this one has the capacity to do some significant rice and grain damage, especially for Bangladesh. The continued rains in Arkansas has me dropping acres, and 100K acres would change everything in the balance sheet. I will stress that I would prefer to be long in the field rather than futures, so do what you can, and good luck. Funds are a big short in corn, but didn't seem too nervous as corn faded 4 cents off the highs. Going to need some more fundamental bullish stuff to push these computer boys off their position. We have a tendency to kill every crop, and the season is just beginning. We will lose acres, and possible large acres in N. D.. Maybe that will be the match.
Quiet weekend and China buying, as well as China statements of raising grain inventory put a bid under Ag. Corn up 1 1/2 to 320 3/4 with a big fund short, beans up 6 1/2 cents, 845, and that's with weak meal. Rice 5 1/2 higher, 1607, but 30 off the highs. Wheat slips 3 1/4 to 497. Dow rocks 990 higher, 24,507, and bonds drop like a rock, 178.05, down 2 points and 25 tics. Bonds back down to support.
Pretty boring Friday, with corn up 1 3/4 to 319 1/4 and beans up 1 1/2 to 838 1/2. Wheat slips 2 cents, 500 1/4. Rice up another 9 to 1601 1/2 with the spec long leading the way. He has about a week before the calendar starts getting in his way, so take notice on the long side. Dow off 17 points in churn trade, 23,517, and bonds off 22 tics, 180.30. Funds are getting a pretty big corn short position in commitments, and added to longs in beans. Managed money is the big long in rice.
Decent export sales in corn and beans didn't help Thursday trade much, as corn ends off 3/4 cent, 317 1/2. Beans close 837, down 2 1/2. Wheat churned but closed up 1/2 to 502 1/4. Rice buyer spiked night trade but could only settle Thursday 27 1/2 higher, 1592 1/2. $16 calls knocking on the door. Dow recovers from sharply lower to 368 higher, 23,534. Bonds up 31 tics as well, 181.20.
Corn gives back Tuesday, off 4 to 318 1/4. That's about as good as it gets for Wednesday trade. Wheat hit for 12 3/4 and pressing the buck, 501 3/4. Beans drop 12 1/2 to 839 1/2 with soft spot meal. Rice does bounce 19 1/2 to 1565 with not much old crop left, although the government says we have more than expected. Dow drops 408 to 23,166, and bonds up 27 tics, 180.21.