Friday was a bounce day across most of the floor. Dow lit up for 387 points, 35,171, while bonds leaked 23 tics, 159.12. Beans up 11 1 /2 to 1217 3/4 with solid meal and oil lending support. Corn up 9 cents, 525 3/4 and we are pretty cheap globally for corn right now, but logistics can get in the way of much more new sales. Wheat up 9 1/4 on the day, 734. We are becoming more globally competitive every day, but every day gets us closer to someone else's harvest. Rice off 1 1/2 in a spread roll day, 1385 1/2.
Thursday trade broadcasting we overdid the break on WASDE numbers for now. Beans bounce 11 to 1206 1/4 on firm meal and oil. Corn up 4 1/2 to 516 3/4, and wheat gains 6 cents, 724 3/4. Rice up 6 1/2 to 1387, trading back into the $13.80-14 window. Hearing more poor milling stories almost every day. I think this is a year I'm going to be glad I don't own a mill. Dow lit it up for 527 points, 34,784, while bonds gained 14 tics as well, 160.03. A blind guy says the fed injected more money into the system.
Wheat was the dog for Wednesday, 718 3/4, off 15 1/4, and I don't have a firm reason why. Money flow, yes, but Not sure why. Corn in the same downward dance, 512 1/4, minus 10 1/4. Beans looked lower but recovered to 1195 1/4, off only 3. The bean oil bio-fuels story still has another chapter to it, and that should be supportive on breaks. Rice popped a dime but stuck in a range, 1380 1/2. Dow off 3 points after a big bounce from early in the day lows, 34,257, and bonds gain a point and 3 tics, 159.21. Seems like every time we test a low or high, the money shifts just in time. Funny that way, isn't it, almost like its being steered. Exports delayed until Friday.
Monday trade mostly position squaring in front of Tuesday WASDE. Corn up 2 1/2 with 14K of short liquidation in Dec, 533. Oats up 19 more with relentless margins on the shorts there. Rice gains 4 1/2 to 1378 and the big boys are on both sides. Wheat down 2 1/4 in listless trade, 731 3/4. Beans off 14 3/4 with weak bean oil as a feature, 1228 1/4. Dow off 250 points in a bigger churn range, 34,376, and bonds off 9 more tics, 157.15. Bonds need to catch a bid, and soon.
A bit of a risk off day Friday as pretty much everything drifted lower. Corn off 3 1/2 to 530 1/2. Oats up 31 cents and over 650 is potentially the canary in the coal mine that we might need to start watching closer. Wheat down 7 1/4 to 734 and beans drop 4 1/4 to 1243. Rice off 10 1/2 to 1373 1/2 but the bull looks to be willing to defend again. Dow down 12 points, 34,626, and bonds off 22 tics, 157.24. Bonds and oats both saying to pay more attention to inflation, as well as crude, cotton, Nat. gas, etc. When prices go up, people tend to hoard as a knee jerk reaction. Tuesday WASDE is probably going to be a very important report for how we formulate trade moving forward.
Dow popped again Thursday, 34,638, plus 347 and bonds faded a point and a tic, 158.14. Beans up 5 1/4 to 1247 1/4 on strong oil, again. The world is resetting consumable oils on what is expected to be a new global draw for bio fuels. Rice gains 23 cents, 1384 as we hit a defensible low and bounced, looking to the 13.80 and up sellers to get into the game again. Corn up 1 3/4 to 534 in a nothing day, and wheat slips 4 3/4 to 741 1/4.
Oil backed off Wednesday and that's all it took for weaker beans, 1242, minus 8 1/2. Corn slipped 5 1/2 as well, 532 1/4. Wheat up 1 1/4 to 746, and rice bounced 8 1/2 cents, 1361. Dow was much lower early but shook off the bears and closed 108 points higher for a 600 point rally off the lows, 34,291. Just bigger churn ranges, but those ranges would not be possible if there wasn't more fear in the market. Bonds gained 10 tics, 159.15.
Dow popped Tuesday for 313 points, 34,183, while bonds give up all Friday gains, 159.05, minus 31. We got a Monday/Tuesday trade in beans, 1250 1/2, up 14 3/4, but the rest of the grains didn't play along. Corn off 3 1/4 to 537 1/2. Rice slips a penny and a half, 1352 1/2. Wheat off 11 3/4 cents, 744 3/4.
Monday Dow soft again, 33,870, off 297 and bonds leak 7 tics, 160.04. Wheat didn't bring much follow thru, 756 1/2, plus 1 1/4, but at least it held the Friday gains. Corn up early on new Mexico sales but leaked thru the day to 540 3/4, off 3/4. Some selling pressure and the roll starting in rice, 1354, off 7 1/2. Beans drop another 10 3/4 to 1235 3/4. Meal just cant seem to find a bottom.
Wheat lead Friday higher, 755 1/4, plus 29 3/4. I have had a hard time justifying any rally in the grains without wheat leading the way based on global supply, and maybe we are finally seeing a glimmer of hope. Corn up 4 3/4 to 541 1/2. Rice drops a dime, 1361 1/2, and beans off 9 1/2 with harvest pressure, 1246 1/2. Dow picks up most of Thursday losses, 34,167, up 445 points, with bonds up a point and 4 tics, 160.11.
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