WASDE report Tuesday was met with mixed reactions. Corn not as bearish as expected and we got a 3 3/4 bounce, 322 1/4. Rice cut exports and new crop carry over pegged in the expected range, 1545 1/2, plus 5 1/2. Market did go soft and dip lower but recovered. One of the last shorts in may paid up 50 cents to get out of the trap, and that surely had some effect. Beans off 3 to 852 as old crop stocks on the high end of guesses. I keep bringing it up, but China can absorb those stocks pretty quickly. Looks like they will buy our entire pork supply for a song. Shut down a few plants and get hog prices to collapse, then ship all the meat you can buy for pennies back across the ocean. Think the farmer isn't getting played? Wheat off 2 3/4 cents, 514 1/2, and nothing in the report to get me excited. Dow off 550 points to 23,574, and still higher than my calculator likes it, while bonds regain a point and 10 tics, 179.26.
Comments are closed.