Friday WASDE numbers came in about as friendly as you could ask for across the board, but as I have been saying internally, corn especially is a weather market. 2.6 carryover in corn is a big number still. Midday weather forecasts took an abrupt swing to more rain and less heat, and that was the primary driver in corn demise. 337 1/4, off 11 1/2. Beans off 9 3/4 to 885 1/2, but that was with the funds back selling meal off $5. Not a bad showing in beans, all for all. 534 wheat was up 9 and that is more global weather concerns, so this game may not be over just yet. 1194 rice was off 16 and pressured all day. Report at 25 carry over was less bearish than I expected. Bearish, but less bearish. Dow yo-yo up 406 to 25,977 and bonds off 18 tics, 179.26.
Comments are closed.