Friday brings the first day of a new month and the last day of a week led by a dynamic financial market with nearly a 1000 point rally in the Dow, 36,303 for an additional 293 point gain to close out the week. 118.05 bonds up a point and 23 tics Friday but obviously less conviction in the deep pool. Recent Meal trade has suffered nearly $50 of losses from an unsustainable high level back down to a level that should breed new sales. Soy closes out Friday 17 3/4 lower, 1325 but only down a nickel on a choppy week. Rice off 16 to 1718 1/2. Rice will go next where the funds decide to push. They are in control of the open interest and volume, which can be a double edged sword. March corn up a couple, 484 3/4 and March wheat up 4 3/4 to 602 3/4.
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May 2024
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