Friday trade driven by weekend, month end re balances, a weekend ahead of clean weather to harvest, and a stocks report at 11. Report was friendly corn and wheat, negative beans. Market reacted accordingly and Beans were ugly, 1364 3/4, off 46 cents. We had traded as high as 1425 pre report. Corn traded up to 696 but backed up to a 8 higher close, 677 1/2. Wheat good for a 25 1/4 rally, 921 1/2. Rice seller continuing as his program has him liquidating slowly and taking a bigger hit to his bottom line I suspect. 1717, off 18. Commercial buying. Dow hit for 484 points, 28,801 and no one wants to go home over the weekend long. Bonds off 21 tics, 126.13.
Only bright spot in exports sales was beans to start Thursday trade. Sadly, by the end of the day beans could only muster a 2 cent rally, 1410 3/4. Big 32k drop in bean open interest on the day and Oct meal dropped over 12 bucks as domestic supply of beans has finally caught up and global pull has softened. Corn slips a penny, 669 1/2, and so does rice, 1735. Wheat off 7 to 896 1/4 with Russia annexing parts o the Ukraine. Dow falls 465 points, 29,285, while bonds give back 20 tics, 127.02. All for all, a poor action day across the board.
Wednesday feature was strong financials as the Bank of England starts buying long dated British debt, but they were the buyer of last resort, and the Brits haven't even started quantitative tightening yet. Dow pops 547 points, 29,750, and bonds up 2 points and 28 tics, 127.22. Wheat up 31 3/4 in the grain room, 903 1/4. Corn could only muster a 3 cent gain, 670 1/2, and beans up only 3/4 cent at the end, 1408 3/4. Rice in another dull day, 1736, plus 4 1/2.
Tuesday financials tried but failed. Dow up nearly 400 but closed off 140 points, 29,203. Bonds lost another point and 22 tics, 124.26. Bank of England getting pushed into a corner. Wheat had a bit of a rally, 871 1/2, plus 13 1/2 and corn stayed positive, 667 1/2, up 1 1/4. Beans couldn't get a bounce, 1408, off 3 1/4, and rice in a nothing day, 1731 1/2, minus 3 1/2. Keep up the harvest.
Monday trade opened up stable but the Dow rolled over and dropped 326 points, 29,343 and bonds got hit for 2 points and 9 tics, 126.16. The global financial world is tightening, yen and British pound first to show bigger cracks. Wheat loses another 22 1/2 down to 858. Corn off 10 1/2 to 666 1/4. Beans follow meal and oil lower, 1411 1/4, off 14 1/2. Rice down 3 cents on ownership transfer, 1735.
Friday financials end a week long dog with the Dow in a 900 point day range and off 480 to close 29,669. Bonds pick up 18 tics in a flight to quality, stupid as that is to me right now, 128.25. Wheat drops 30 1/4 and really who cares what the sound bite is, the Russia corridor is still at risk on any given day, but which day you play in that casino dictates whether you win or lose. 880 1/2. Meal and oil weak as the palm market continues to hunt lower and lower for a bottom and the calculator doesn't give bean oil a pretty floor with crude staying weak. Beans off 31 1/4, still 1425 3/4, going into what should be a solid harvest weekend, abet more corn than beans, but we have now busted the northern harvest seal, so expect weekend pressures for the next several weekends. Corn off 11 1/2 to 676 3/4. Rice off 1/2 a cent, 1738 and other than some early spread roll, 236 contracts were liquidated. In simple terms, a big chunk of the volume was sold by a long who gave up to a short who made the long give up.
Export sales had nothing worth noting to start Thursday trade. Russia story still lending support to wheat, 910 3/4, up 7. Corn up 2 3/4 to 688 1/4. Meal a dog and beans slip 4 1/4 to 1457. Oct. Options expiration Friday but not a lot of open interest. I am worried the meal bull story has lost its legs. Rice seller got us into so sell stops, 1738 1/2, off 24 but finding bids. Dow looked higher but failed, 30,149, off another 133 and down 1000 since Monday. Bonds get delay clobbered to 128.07, hit for 2 points and 13 tics. That's a painful one day hit for that room.
Wednesday trade focused on the FED and its 75 basis rate hike. Powell came thru as expected and calmly stated that life was going to get a bit harder. Dow had a 900 point range where the churn guys had a heyday, settling 519 lower, 30,282. If he gets his way, grains should hold up the best, but I strongly caution you not to make any unnecessary in life purchases right now. Beans gave back Tuesday gains, 1461 1/4, off 17 1/2. Rice off a dime, 1762 1/2. Corn slips 6 1/2 to 685 1/2. Wheat held its rally and extended another dime, 903 3/4. Bonds up 25 tics on the fed move, 130.20, which is puzzling to me.
Tuesday trade all about Putin, with a planned annexation vote in the Ukraine territories taken, and the bigger issue of him calling up 300,000 reserves to up the pace of the war. Wheat leads 63 1/4 higher, 893 3/4. I would remind all that not so long ago this was considered still a cheap price for wheat. Corn up 13 3/4 to 692, and beans gained 17 1/2 to 1478 3/4. Rice picked up 9 cents, 1772 1/2. Financials were weaker with bonds finally getting below 130 on a 129.27 close, off a point and 3 tics. Dow off 316 points, 30,801.
Weekend of harvest brought some early selling into the grain room Monday morning but a decent bounce thru the day. Corn rallied a dime from the lows to 678 1/4, a penny higher on the day. Strong meal helped beans to 1461 1/4, plus 12 3/4. Nothing negative in the Russia corridor pushed wheat 29 1/4 lower, 830 1/2 and into perceived support. Rice leaked 19 to 1763 1/2 with yields mostly reported about average, some a little better than feared. Dow rallied over 500 points from a weak morning to 31,117, plus 195 points, while bonds leak another 7 tics, 130.30.