Wednesday stocks report was bullish to the grains, and bullish to me for the long term big picture as well. We have the luxury of harvest to keep prices somewhat in check for the next several weeks, but new export sales take on more significance now. Corn up 15 1/4 to 379. Most of the volume post report was 378-382, so we actually settled near the lower end of volume. Also, the expected month and quarter end buying to dress up really didn't carry any steam. I'm leaning towards some of the shorter term systems taking a quick buck to the bank, but remember that they will be back and house money to spend. Same story in beans, 30 1/2 cents higher close, but in the lower area of where the post report volume traded, 1023 1/2. Wheat lit it up for 28 1/2 cents as well, 578. We were up here a couple Fridays ago and it was thin air, but I'd say this climber has adjusted to the altitude a bit better now. Rice not on the report and feels to have a small commercial seller with a thumb on it, but a buyer to catch any lower sales, so we sit stagnant, 1247 1/2, minus 3 1/2. Dow daily chart positive with a lot of room to run, and we are above the middle keltner, 27,664, plus 256. Bonds off 30 tics, 176.09. The 175-177 handle stagnation has taken on a life of its own, and I wouldn't fade a breakout in either direction, especially to the upside between now and the election. Speaking of the election, nothing is in the bank, as there is always an October surprise.
Dull and soft market Tuesday awaiting stocks report Wednesday. Corn off a couple to 364 3/4. Beans slip 3 1/4 cents, 993. Wheat only off 3/4, 549 1/2. Dow churn continues with a 400 point range but off 74 points at the close 27,408, and bonds gain 12 tics, 177.07.
Monday trade rather muted in the grains, with corn up 1 1/2 to 366 3/4. Wheat gains 6 cents, 550 1/4. Rice brings a penny rally to the table too, 1246. Beans slip 6 1/4 missing anything big in new sales and a weekend of harvest, 996 1/4. Dow has a big upside day to close 27,482, plus 439. Basically ran back up to week ago Friday close as the big money churn continues. Bonds slip 6 tics, 176.27.
Friday markets had some buying from Dow strength, as the stock funds drove up 328 points to 27,043, A 12 lousy points below Mondays close, for a great churn week, if not profitable for the buy and hold folks. Bonds up 2 tics, 177.01. Spill over to grains as corn up 1 3/4 to 365 1/4 and beans hold $10, closing 1002 1/2, plus 2 1/2. Meal up $2-3 and firm in Oct. Harvest weekend has buyers on the sidelines, but china is still buying, abet at a slower pace. We are running into logistics issues. Wheat needs a new friend, 544 1/4, minus 5 1/2. Rice off 11 to 1245. Millers still trying not to pay over 5.50 and surprised at the farmer strength I think.
Great export sales Thursday wasn't enough to keep the grain bull fed. Harvest pressure got the best of the funds for the day, with corn off a nickel, 363 1/2, and beans closing $10 even, minus 14 1/2. Wheat managed a 3/4 gain to 549 3/4 and rice up 7 cents, 1256. Dow churned for 500 points but closed only 30 higher, 26,715, while bonds added 16 tics, 176.31.
Dow dropping as the bulls have run out of suckers to bait in and so we flush them out. 26,685, minus 458. No flight to quality as bonds slip 7 tics, 176.15. Muted trade in grains Wednesday with Dow so weak and funds so long the soy complex, awaiting a big export sales number Thursday to add fuel. Bulls need fed all the time. Corn off 3/4 to 368 1/2 as the least weak grain. Beans off 5 1/4 in the face of a very strong meal market, 1014 1/2. Wheat drops 9 cents, 549, and rice is down 3 to 1249.
Markets stalled for the most part Tuesday trying to reassess after our strong rally gets followed by the first bigger weekend of harvest pressure Monday. Corn off 1/2 to 369 1/2. Beans slip 2 3/4 cents, 1019 3/4. Some are thinking $10 would hold any break for now. I want to see the action before I'd make that call. Wheat has a small bounce,558, plus 3 1/4, and rice recovers all of Mondays losses to close 1252, up 30. Dow cant press thru Monday lows and we get a soft bounce close, 27,143, plus 88. Bonds sleep thru the day, 176.22, plus 5.
First solid weekend of harvest brought expected selling Monday as corn took a 8 3/4 hit to 369 3/4. Beans dropped 21 cents, 1022 1/2, and wheat fell 20 1/4 to 554 3/4. Rice dropped to the iceberg buyer at 1212 which has been in play since early last week, closing 1222, off 29 1/2. Dow had over 1000 point range and had a solid late rebound/dress up to close 27,055, still off 547. Bonds only up 17 tics so no real flight to quality, 176.17.
Friday close dressed up by the funds as expected, with beans leading the way, 1043 1/2, plus 15. Meal up 7. Corn gains 3 1/4 to 378 1/2, bumping up against 380 with some difficulty. 575 wheat is 18 3/4 higher and getting into some thin air to me. Rice gets 26 1/2 to the upside as well, 1251 1/2 as the cash boys are not getting 550 and cheaper a Bu bought as easily as expected. Looks like the commercials are getting a lesson in selling what they don't own in all the grains this harvest. Commercial has a way of coming out OK in these things though. Dow faltered on the late day dress-up as we closed down 217 in a 500 point range, 27,602. Bonds off 15 tics, 176 even.
Great export sales in corn and beans set the table for the funds to continue their buying ways Thursday. Corn up another 3 1/2 to 375 1/4 and eyeing the $4 call block. Beans rip another 17 1/4 gain on the day, 1028 1/2. Meal pops $9. Wheat follows along to 556 1/4, plus 14 1/4. Rice back above 550 a Bu, 1225, up 9. Dow looked like it could get ugly for a bit, but held up reasonably well for the action, 27,819, minus 118. Bonds added 8 tics, 176.15. Every dry day that goes by allows another combine to work its way north. Funds are now long over 1/4 of the US bean production.