Friday corn closes the week strong, 568 1/4, plus 5 1/2 and up 30 cents on the week. Wheat held Thursday rally, 772 3/4, up 1/4. Beans up a couple to 1235 3/4. Rice unchanged, 1238, as the seller pushes again with no real benefit, just like the last 3 days. With deliveries in Nov beans and rice moving us to current, we will be switching to Jan moving forward. Dow up 91 to end the week 35,704, and the bonds gain 11 tics, 160.27.
Strong global wheat prices, too much rain at harvest in Australia help lead wheat 12 3/4 higher, 772 1/2. Corn technical solid, solid demand from ethanol, and strong futures in China all help corn, 562 3/4, plus 5 1/2. Rice off 1 1/2 to 1328 as we close out positions in front of heavy deliveries, and same story in beans, 1233 3/4, minus 5 1/2. Dow pops 224 as we have another upside churn day, 35,613, and bonds give back 15 tics of the big Wed. rally, 160.16.
Wednesday trade a lot more dynamic that I expected. Corn up 13 3/4 to 557 1/4. Wheat good for 7 1/2 to 759 3/4. Global wheat story still there, and I'm guessing ethanol got a shot that still has to be announced. Beans gain 1 1/4 cent, 1239 1/4. Meal the stronger leg. Rice up 1 1/2 with the seller not getting the win on the day. Six dollar rice seems to have a bid. Dow off 255 on a back and fill day, 35,389, and bonds gain a whopping 2 full points. 160.31. That's 64 tics of upside, and not a very big inflation flag. Maybe a flight to quality flag.
Corn bounced 5 1/2 on Tuesday to 543 1/2. Wheat was a little softer, 752 1/4, off 7 1/4, but oats trade 706. Beans churned up and down, 1238, plus 3/4 to end the day. Rice off 12 as the seller continues his push going into first notice for November, 1328. That's getting pretty cheap compared to what I see in the country. Dow looks at highs again and set back late, but still 24 higher, 35,644, while bonds gain 14 tics, 158.31.
Monday corn chopped up and down but settled unchanged, 538. Wheat had some follow thru buying, 759 1/2, plus 3 1/2. Oats were up another 25 cents. Beans up 16 3/4 with strong global oil, 1237 1/4. Rice down 10 1/2 to 1340 on more pre deliveries liquidation. Dow touching new highs again, 35,620, plus 63. Bonds up 8 tics, 158.17.
KC wheat cancellations put a 14 3/4 cent bid into Friday CBOT wheat futures, 756. Corn up in tow, 5 3/4 cents, 538. Beans leaked 3 1/2 to 1220 1/2 with weak oil. Rice off 6 1/2 to 1350 1/2. Hard to be long in front of Nov rice deliveries, but hard to be a bear as we approach $6. Dow pokes at a new record high and holds part of the rally, 35,557, plus 77 points, while bonds pick up 17 tics, just in time.
Great exports Thursday did little to support the grain room, with everything giving back most or all of Wednesday gains. Beans off 21 1/2 to 1224 with soft products. Wheat slips 8 to 741 1/4. Corn off 7 cents, 532 1/4. Rice gives up 4 more, 1357. Dow closed 3 higher, 35,480, but was in the dog house almost all day. Bonds down another 12 tics, 157.24, and the Fed most certainly will up the game somehow over the weekend.
Dow pushed to new highs Wednesday, 35,447, with bonds leaking 5 tics, 158.04. Global inflation a continuing story, and as Brazil acres get bigger, expect the real to get weaker. Its all a money game. Beans up 17 1/2 to 1245 1/2 with strong products. Wheat good for 13 1/4 cents, 749 1/4, and corn gains 9 to 539 1/4. Rice off 11 as the bear pushes pre first notice day, 1361. Market is giving the bear rope at this point to me. The 200 lot 3 ways appear to be back.
Tuesday had a firm tone early, but Corn backed up to 530 1/4, off 2 1/2 to end the day, and wheat settled near the lows, 736 minus 1/4. I think the funds are just probing the upside vs a roll over. The bean products had a bid, and soy gained 6 1/2 to 1228. Rice spread buyer has settled back, and the flat buyer isn't chasing, and the path of least resistance going into November deliveries is almost always down. Futures drop 13 to 1372. Dow continues the climb, 35,323, plus 190, but my radar is up with bonds losing a point and 9 tics to 158.09. This is the money boys demanding the fed give them more, and at some point the fed will have to slap the greedy hands.
Monday trade firm after a softer open as harvest moves farther along and business seems to be soaking up any excess that isn't destined for the bin. Corn gains 7 to 532 3/4, while wheat picks up 2 1/2 cents, 736 1/4. Beans up 3 3/4 to 1221 1/2 and global grain bids are firm everywhere. Rice in another dull spread roll day, 1385, off 1/2. Dow was down a couple hundred points but recovers late to 35,133, off only 38, and bonds gain 6 tics, 159.18.