Friday grain room had follow thru strength and fresh reported new crop corn sales to China to keep the ball moving forward. July corn gained 13 1/2 on the day, 732 1/4. The one grain Canada still has a small amount of that we could rail import in a massive pinch is corn. Still, people are finally waking up these last few weeks to the fact that we are running out and will have to ration to get to harvest. That said, we are at some lofty levels for early May. Beans up 20 1/4 to 1589 3/4 with meal up $14 and finally taking the leadership position. Time will tell. Wheat gains 8 1/2 cents, 761 3/4. Rice gets back all Thursdays break and more, 1449, plus 29 in the July. Concerning to me is the July is dragging May up at full carry and attracting some atypical deliveries, like the 112 new receipts out of Erwin/Kieth, Wynne. At the same time July is 35 over September and we have 1500 receipts registered. Plenty of time to reshuffle the chairs on deck, but rest assured, there will be a reshuffle before July first. Dow continues the unlimited FED printing press induced melt up, 34,686, plus 244, while bonds put in a scary day closing off 21 tics, 157.31, but that is a full two and a half points off the daily high. That's a big down move for a nothing Friday.
Comments are closed.