Friday trade brought weather premium back on the table, with a hot and dry northern plains forecast. Corn up 20 3/4 to 682 3/4, and wheat gained 11 1/2 to 687 3/4. Wheat as a feed is gaining popularity all over the globe, and if that cycle continues, we could go from excess to not enough quick enough to catch some end users off guard. Not a concern for today, but might be one tomorrow. Rice stuck, 1331, plus 1 1/2. Beans rip for 34 1/2 to 1583 3/4 with oil as fuel instead of food leading the way yet again. Dow has another 300 point range and closes near the highs, 34,742, plus 175. Bonds up a point and 13 tics to 159.02. This is the high end of what I thought bonds could do, and it gives me pause about what lies below the financial surface. 159 bonds and inflation are really almost mutually exclusive events, at least in the bigger picture of my mind.
Thursday trade an attempt to break the bullish psych of the market. Set new highs early and keep the pressure on all day. Corn looks great early but takes pressure and winds up off 13 cents, 662. Beans 40 off the highs and 13 1/4 lower for the day, 1549 1/4. I didn't realize that until I started writing this. Bean oil dropped 330 points from the early highs. Wheat off 11 1/4 to settle 676 1/4. Rice off 1 1/2 as well, 1329 1/2. Dow looked lower but recovered to 34,567, down only 23 points, and bonds slip 14 tics, 157.21. Weird day, like the computer was willing to break a few eggs to make its next omelet.
Feature for Wednesday is bean oil as a fuel, setting new records and keeping a bid in soy. Beans close up 14 cents, 1562 1/2, even with soft meal. Corn off 13 3/4 after Tuesdays outsized upside move, 675. Wheat follows down 6 to 687 1/2. Rice small scale old crop liquidation continues, 1331, up 2 1/2. Dow up 40 points, 34,590, and bonds gain 12 tics, 158.03. Export sales delayed until Friday because of the holiday weekend.
After a long weekend we came out of the box Tuesday strong. with corn briefly limit up and settling 32 higher, 688 3/4. Wheat 30 higher as well, 693 1/2. Beans had meal firm early and leading the way, but we ultimately fell back to oil running the show, beans 18 higher at the end, 1548 1/2. I will be watching with interest when they finally cancel the meal receipts outstanding. Rice off 1 1/2 to 1328 1/2. Stuck. Weather and time have capped rice acres and now we just have to grind or export our way past what is really not a big amount of excess on the farms today. Dow looked higher early but faded back to 34,550, plus 37, while bonds slipped 13 tics, 157.23. Nothing rocking in the financials right now, but give it some time and they will create some news.
Friday just a setback from Thursdays powerful limit up day in corn, as we back off 7 3/4 to close out the week 656 3/4. Excluding all the weeks noise, corn closes 1/2 cent below Mondays close. Think about that and remember that the next time you feel like you are being herded. Wheat off 12 3/4 to 663 1/2. Beans slip 6 1/2 to 1530 1/2 as meal tries to take the lead in the products. Beans still want oil to lead. Rice up 6 1/2 to 1330 in another quiet day. Dow up 76 points, 34,513, and bonds gain 11 tics, 158.04.
Nothing shocking or bearish in Thursday export sales, with the 5.7mil corn new crop sales posted as expected and big corn shipments, again as expected. Corn brushes off the early week weakness and blows up 40 cents, limit up 664 1/2. No real synthetic overs though and that should catch your eye. Wheat along for the ride, 676 1/4, plus 27 3/4. and beans pop 33 1/2 to 1537. Another quiet day in rice as we chew up the rest of old crop, 1323 1/2, plus 4 1/2. I would like to bring to your attention that even in these violent moves, open interest did not really spike. Dow opening up a 400 point range and closes 157 higher, 34,437. bonds fade 24 tics to 157.25.
Corn was the feature to me again Wednesday, as we close July 4 1/4 higher, 624 1/2, but that was after a hard look down. Dec tested $5 before its 20 cent rally. Rice was quiet, 1319, off a penny. Wheat off 8 cents, 648 1/2, and beans lost 8 1/4 to 1503 1/2. We did test my low range support of 1490. Dow was in another quiet consolidation trade, 34,280, plus 9 points, and bonds slip 2 tics, 158.17.
Tuesday put on an ugly down day for corn with July briefly limit down and closing off 37 cents, 620 1/4. Dec was off 24. The rest of the markets weren't as bad, with wheat off 5 3/4, a dime off the lows, and beans off 11 to 1511 3/4. Rice seller was absent and we closed up a nickel, 1320. Dow had a nothing day, 34,271 off 81, and bonds gained 29 tics to 158.19. This bond creep up has me a little worried about an equities shoe dropping out of the sky. Not an alert, but a concern.
Monday trade early was weaker with a decent weekend of work completed, but we gained thru the day. Corn off 2 1/4 cents, 657 1/4, but near the top of the range. Somewhat the same story in beans, 1522 3/4, off 3 1/2. Rice bear at it again, but seemed to disappear late and there may be a shift worth watching there. 1315. minus 3 1/2. Wheat off a dozen, 662 1/4. Dow has a quiet 199 point gain, 34,352. Bonds up 14 tics as well, 157.22.
Friday trade softer as we approached an expected good weekend for getting the crop in the ground. Corn off a nickel. 659 1/2, and wheat slipped a penny, 674 1/4. Beans settled middle of the range, 1526 1/4, down 7. Rice bear still pushing, 1318 1/2, off 9 1/2. Dow in a pretty tight up churn, 34,153, plus 125, while the bonds gain 8 tics, 157.08.