Easter shortened week with export sales and WASDE numbers to digest. Corn gained 200M to carry over with a significant, and I think ultimately over aggressive cut to ethanol demand. Great export sales and china in the 20-21 MY mix for 500 as well so corn closes 1 3/4 higher, 331 3/4. This 330 pivot has held for a week, and the bears better bring something new if they want to push farther next week. Wheat up 8 1/4 to 556 1/2. Meal laid flat like a tired dog again, but beans still up 9 cents, 863 1/2. Not much spread left to take out of the meal now and funds puked half their longs by Tuesday, so mostly done by now, Room for a snap in beans and meal if talk of reopening the economy starts next week, and based on the financials, it should. Rice up 20 1/2 to 1452 with someone buying 360 of the July $16 calls. Managed money back in adding to longs in old crop. Dow up 372 to close out a stellar short trading week, 23,618. Think someone knows something is changing next week? Bonds up 18 tics to 178.18. Looking out the window and a clean little shoe-box nova just lit up the two lane by the house. Spring is coming, and change and renewal comes with it. Happy Easter my friends.
Comments are closed.