Meal had a solid bid all day and it spilled over to the beans big time. Meal gained $17 and beans up 22 3/4 on the day, 1244 1/4. Corn up 7 3/4 to 577 1/4 and wheat up 4 1/2 to 817. Rice gains another 5 1/2 to 1411 1/2, but open interest down 200, not what we want to see. Dow did base Thursday and on the day Friday gained back all of Thursday losses, 36,013, plus 184. Bonds slip 13 tics, 161.12.
Holiday driven trade Thursday with corn up 1/4 at the end of a churn day, 569 1/2. Corn open interest up a fair piece to accomplish nothing should give the bulls pause. Wheat gained another 9 1/2 to 812 1/2. Beans up 4 1/2 to 1221 1/2 and more rumors of an EPA announcement that favors Bean oil over corn. Rice is up 17 to 1406 as the short buys his way out of the hole. OI off 444 in the rally. Dow off 163 but acts like a base that needs to hold the lows, 35,829, and bonds slip 11 tics, 161.25.
Wednesday trade firm across the grain room as funds push to the upside and the harvest pressure is winding down. Wheat leading the way, 803, plus 24 1/2. Corn up 14 1/2 as well, 569 1/4. Beans dragging up the rear, only gaining 4 3/4 cents, 1216 3/4. Rice short coming out, 1389, up 19 1/2. Dow was weak thru out the day and never could get a bounce worth noting, 35,992, off 217 points. Bonds lost a point and 19 tics as well.
WASDE threw a curve ball in the beans with reduced yield when pretty much everyone expected an increase and beans ripped higher, topping out at 1240 but fading to 1212 at the close, still 23 1/2 higher. Meal gained $10. Wheat up 10 1/2 cents, 778 1/2 with still tight global supplies and trade, while corn gained 3 1/4 to 554 3/4 in sympathy. Rice up 20 as the bear starts to cover, even with a slightly bearish report, 1379 1/2. 35 new rice receipts registered to be delivered out of Ottwell. Dow off 103 at the end of the day, 36,209, and that was with some late pushing up to dress the close or it could have been 100 worse. Bods up a point and 14 as the long equities guys are wanting to keep this years gains, 163.23.
Monday trade all pre report positioning in front of Tuesday WASDE at 11. Corn off 1 1/2 to 551 1/2 and wheat gains 1 1/2 to 768. Rice up 4 1/2 cents, 1359 1/2, and bear seems to be neutered. Beans off 17 to 1188 1/2 with the whole street expecting a negative report. Rally went more than I could understand, and drop is pretty much all I could expect, so I cant justify chasing at this point. Just let the report drop and adjust. Dow set new highs again and backed off, but still 97 higher close, 36,312. At some point soon it needs a set back breather. Bonds give back 19 tics, 162.09.
Friday trade soft as funds are already long and a good weekend of harvest in front of us. Corn off 6 1/4 more and a tough week for the long side, 553. Its still 553 though, and that's pretty attractive to most. Wheat down to 766 1/2, off 7 1/4. Meal rolls over and oil doesn't help as beans drop 17 1/4 to 1205 1/2. Rice bounces 10 1/2 to 1355 as $6 rice looks to have found some commercial buying. Funds seem to be running out of steam on rice selling as well. Dow backs up 160 points from a new record high, but still ends the week 36,215, plus another 206 points, Bonds up a full point and 23 tics, 162.28, and not sure if this is a bit of flight to quality, or consensus that the FED will keep rates lower longer than anyone currently thinks. We should know relatively soon.
Risk off Wednesday with good weather in SA helping those crops along, and nothing out there to feed the bull. Corn off 9 cents, 564. Wheat drops 10 1/2 to 781. I don't think the wheat story is over, but people are starting to budget their purchases around the globe. Rice off only 1/2 as the bear gets nothing for his selling pressure again, 1327 1/2. I wonder if the seller understands what $6 rice is. Beans off a dozen, 1244 1/4 as oil demand might be tempering without the EPA. Fed punted and the Dow rallied,, 36,035, plus 97, while the bonds slipped 10 tics, 160.15.
Tuesday wheat sets a new high over $8 but rolls over to 791 1/2 on the close, off 5 3/4. Corn off 6 cents, 573. Wheat has a global story, but funds don't seem to be willing to put on the show with the Chicago contract, and normally are quite comfortable being short it. Funds are long a bunch of corn and the combines are back in the fields after a week or more of rain delays. Oats still a 750 product, but hard to find a greater fool it appears. Rice off 19 1/2 to 1328 as the seller finally got the long side into stops. Big 3 way player is back though, and once the bin doors close and duck start flying, supply isn't so easy to get, so it seems a poor time to be selling to me. Beans up 7 3/4 to 1256 1/4 with strong meal, although I'd say most of the heavy lifting from 310 meal is behind us. Dow up 138 to new highs, 35,938, and bonds pick up 13 tics, 160.25.
Monday feature was wheat with strong world prices and trade, 797 1/4, plus 24 1/2 on the day. Oats are up to 7.50. Corn along for the ride, 579, up 10 3/4. We are trying to buy some corn acres with fert prices so high. Jan Beans off a penny, 1248 1/2, and I just cant get friendly beans without a big bio change. Jan rice off 9 cents, 1347 1/2, and at least the seller got a close his way after selling the better part of 1000 contracts these last several days. Ouch. Dow trickled up 96 points, as it normally does in dull days late, 35,800, and bonds slip 15 tics, 160.12.
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