Thursday started with nothing special in exports other than a solid bean number, and the 11 o'clock reports stirred the pot. The shift from corn to beans was so much more than the street expected, and stocks were plenty sufficient in both. This lead to a big futures shift as Beans got hit for 45 3/4, down to 1618 1/4 on a gain of 18K in open interest. Corn sets new highs in the back months and even with the market cooling going into the close, we settled up 10 3/4 cents, 748 3/4. We also added 42K in open interest up here on the highs, which gives me pause. New crop corn should continue to have the better bid with acres under 90. Wheat got a friendly report and popped to 1075 but got hit thru the rest of the day and settled 21 1/4 lower, 1006. Rice had the best report numbers to me, 1601, up 9 1/2. Breaks should be supported. Dow got hit for 499 points, 34,618, and bonds rally 20 tics, 150.02. Looks like April is going to be choppy and the bull needs to be fed. Soft news days should give soft futures results.
Comments are closed.
|
Archives
June 2023
|
Services |
Company |
|