Friday open had grains getting hit from an agreement brokered by Turkey to ship grain out of the Ukraine. Wheat Off 30 early and closing 47 1/4 lower, 759. I would like to point out that open interest was up 6390 on the day, so it's safe to say some of the short funds are back in play. Corn opened lower, bounced to better on the day, but faded late to 564 1/4, down 11 1/2. Beans bucked the trend and crush return is so high either meal or oil needs to get wacked pretty hard or pushing beans down will be more difficult from here. 1434 1/2, plus 16. Rice off a dozen in relatively quiet trade, 1686 1/2. Talk of another 40K of milled to Iraq might be in the works. Cash guys started sniffing around for old crop again. Dow in yet another churn day, 31,875, minus 132, but bonds rip for another point and 23 tics, 142.02. Still just shocked at the strength of the bonds.
Comments are closed.