As month ends go, Friday had little to no fireworks. Corn up 1/4 cent, 316. Beans had a little better bid and closed 890 1/4, plus 3 1/2. Wheat up 1 3/4 to 531 1/4. Rice gains 6 cents, 1159 1/2. Dow looked lower but rallied back to end the week at 26,319, plus 101, while bonds give up a tic to 182.09.
Thursday morning export sales were great in the beans and late flashes put up big corn numbers. This is really working up to be a show me market, as nothing really wants to get much of a rally going in front of harvest. There is an opinion that the farmer will have to sell large quantities off the combine of every grain, and the commercial benefits from cheaper prices. My stance is the computers can keep us down baring a weather change, but whatever we can store will pay us next year. Part of this marketing game will be a long one. China seeing very high internal prices that will force the government to restock supplies. This will be a great year to own the shippers, because they will be busy. Beans gain 2 1/4 to 886 3/4 with firm meal. corn up a 1/4 cent, 315 3/4 but near the lows of the day. Rice gains 15, but that is 35 off the highs, 1153 1/2. Computers saw enough stops to run them in I guess. Wheat gives back 3 1/4 to 529 1/2 in typical churn. Dow under pressure and even with some buying wound up 222 lower, 26,218, while bonds rallied a point and a tic, 182.10
Wednesday has nothing of note to drive the markets, so we trade lower. I do have some concern that the computers will want to hunt old lows again. Corn off 4 1/2 to 315 1/2. Pretty low in the stochastic for me to get over my skis afraid from here for a few days. Maybe another nickel, then they will have to work for their money. Beans slip 3 1/4 to 884 1/2. Beans still have a demand story and should see decent export numbers again tomorrow. Wheat churns up today, 532 3/4, plus 9 1/4. Rice bear back but we close only 4 lower, 1138 1/2. Dow saw a little daylight above and gained 143 points, 26,440, while bonds gave back 5 tics, 181.09.
Tuesday trade hit with better than expected crop conditions in corn and beans, and computers willing to press the issue. Corn drops a nickel, 320, while beans get hit for 11 cents, 887 3/4. Meal gave up 3 and a half bucks as well. Rice 10 lot seller back and pressing that market down 21 1/2 to 1142 1/2. He does not appear to be done. Wheat off 4 1/4 to 523 1/2 but that is the computer yo-yo market, so no read at all off that movement. Dow weakens 187 points, 26,297 and bonds gain 25 tics to close 181.14.
Wheat soft Monday as the computers find it easier to push down than up. 527 3/4, off 11 3/4. Beans unchanged,898 3/4, and corn slips 1 1/4 to 325. Rice bear got a boost as the hurricane stayed south with no real damage in Texas or La, and they are pressing, 1164, minus 16 1/2 and soft. Dow recovers most of Fridays loss, 26,484, plus 162, and bonds off 14 tics, 180.21.
Quiet trade Friday and no use making something out of nothing. Corn set back 1 3/4 to 326 1/4 on mild weather talk and some fund selling I would suspect. Beans off a couple to 898 3/4, with a firm meal market helping to give a floor to trade. Rice off 3 to 1180 1/2 in a snoozer. Wheat up a dime as computers churn their favorite churn grain. 539 1/2. Does keep you on notice that when the most bearish contract spec out there keeps finding bids and a lack of pricing that there is something going on. With all these grains, I will say again, don't trade your back yard. Our US carryover is a drop in the bucket of China demand, if they want or need to stretch their wings. Dow off 221 points, 26,322, and bonds unchanged, 181.03.
Great corn exports, but were expected by Wednesday trade. Given the risk change of China Houston consulate getting the boot, happy to see corn close 1/2 higher, 328. Beans back over the buck as we close 900 3/4, up 6 3/4. Wheat slips a nickel in the grain churn market, 529 1/2. Rice off 3 1/2 to 1183 1/2 with the bear still wanting a lid, but concern of gulf weather getting more attention. Dow takes a 341 point hit, 26,543, and bonds up another 15 tics, 181.03.
Corn yo-yo trade as we are up 4 3/4 Wednesday, 327 1/2. Personally, I'm surprised, and happy, that it could settle that strong. Beans up 3 in the face of the US expelling all the diplomats from the Houston Chinese embassy. Chatter I pick up says its past due. 894 close. This flooding issue in China is much more wide spread than just the 3 gorges dam area, has them behind the eight ball, and Trump is pressing. Wheat continues to climb back, 534 1/2, plus 6 3/4, and rice gains 6 1/2 to 1187 as the bear backed up a bit. Weather in the gulf over the weekend could change the psychology down there pretty quickly. Dow up 158 to test yesterday highs, 26,884, and bonds gain 11 tics more, 180.20.
More widespread rain used Tuesday to push corn 5 1/2 lower, 322 3/4. Beans off 5 3/4 as well, 891. Flash sales to unknown but for now, lets churn the weather story. Wheat bounces for 5 3/4 to 527 3/4, and rice gives up a penny, 1180 1/2. Same story as yesterday in the rice, with the bear defending the upside but not willing to sell lower. Dow closes up 93 points, 26,726, but that's 200 off the highs, while bonds gain another 9 tics, 180.09.
Nothing over the top in Mondays trade, as beans gain 4 1/2 to 896 3/4, with August and November back over $9 and river basis firming as expected. Weather couldn't feed any bull stories in corn over the weekend and we leaked 4 3/4 cents to 328 1/4. Just setting the range for now. Wheat off 12 3/4 didn't help with nothing new to feed a bull there, 522. Rice off a penny, 181 1/2 and the perceived commercial bear just sits above the market, content to let the calendar do the pushing as we approach harvest. Late rice is sure catching up fast from all the reports I am getting, and so far there are no horror stories. I do expect to start seeing new crop export sales hitting the tape soon. Dow peeked lower but couldn't attract any sellers to herd, so we close 113 higher, 26,633. Bond up 9 tics, 180 even.
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