Tuesday wheat sets a new high over $8 but rolls over to 791 1/2 on the close, off 5 3/4. Corn off 6 cents, 573. Wheat has a global story, but funds don't seem to be willing to put on the show with the Chicago contract, and normally are quite comfortable being short it. Funds are long a bunch of corn and the combines are back in the fields after a week or more of rain delays. Oats still a 750 product, but hard to find a greater fool it appears. Rice off 19 1/2 to 1328 as the seller finally got the long side into stops. Big 3 way player is back though, and once the bin doors close and duck start flying, supply isn't so easy to get, so it seems a poor time to be selling to me. Beans up 7 3/4 to 1256 1/4 with strong meal, although I'd say most of the heavy lifting from 310 meal is behind us. Dow up 138 to new highs, 35,938, and bonds pick up 13 tics, 160.25.
Comments are closed.