Friday tried to open firm but no follow thru and rice bear pushed with little resistance. Then wheat rolled over and just wouldn't bounce, ending the day off 44 cents, 1034 1/4. Makes the Thursday wheat gains all disappear and more, just like we saw in rice 2 weeks ago when we had a Monday rally, Tuesday break, and that week long dollar break is about where we are now. Rice off 13 1/2 to 1622. More spread rolls and more flat liquidation. Rice drops 165 and wheat loses over 5,000 of open interest in a day, all July. Corn comparatively strong at 784 1/2, slipping only 3 3/4 but near the lows of the days range. Beans pulled in two directions as meal gained another 8 bucks, but oil lost 250 and crude got whacked as well. Soy settles 1702, off 7 1/2. Dow 340 off the highs, but 230 off the lows in what turned out to be just another churn day after false signaling both upside and downside runs. 29,869 minus 50. Bonds up another point and 8 tics, 134.21, as the big money is signaling that a recession will invert the yield curve and We will be dead in the water in a few months, tops. The problem is with such a strong dollar, when we do something stupid, every other central bank in the world immediately does the same stupid stuff, so what we do is getting magnified on a global scale at a very fast pace.
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