Dow closes 3 higher, 22,491, but nearly 1000 off the highs. What this has created is air for the computers to churn the unsuspecting public for a bit. Lots of room above and below, so they run it up as long as suckers buy with them, then run it down as long as suckers puke out their longs and sell with them. Welcome to a huge range churn machine. Bonds off a point and 11 tics, 179.07. Corn bounces 3 3/4 to 331 1/2, trying to help the 330 area become support, but the industry expects Thursdays WASDE report to increase stocks in corn and beans. The ethanol grind is really getting culled back, and no crisis should be wasted in getting the farmer to let loose of his inventory at seasonally low prices. Beans near the days lows, off 3/4 cent, 854 3/4 and held down by meal again. With all the spread juice pulled out of meal, I don't see much down side left, but they will probably try to hit it just a little more Thursday if we get a slight stock increase. Point is though, I cant make any case for much more than a slight stock increase, and I would expect this report to be the most bearish of the year for corn and beans. Corn will get the northern states recount for the May report most likely, and that isn't going to be a bearish event. Wheat off 6 1/2 to 549 1/4. Rice tumbles 34 cents to 1434, and that's with a solid bounce from the lows. Calendar is working against the bulls, and a 25 cent spread premium is a mighty high price to pay to enforce your conviction.
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