Wednesday Ag trade erases all of Tuesdays drop, and did it without a pop in OI. Impressive. Corn bounces 4 to 423 3/4. Beans pop 12 3/4 to 1158 1/2, with meal looking like it found a floor, and over 7K net Jan bean liquidation on 20K of roll. Solid. Wheat runs for 13 1/4 to 583 1/4. Some China stories floating around again about china in the wheat, flash sales in corn, and the bean bounce came with better weather stories out of SA. Rice in roll trade, 1236 1/2, plus 3 1/2. Mills are still running as hard as they can to catch up the domestic pipeline. It is amazing just how gutted the pipeline really was, in spite of the USDA numbers. Speaking of, all eyes await what should be a routine export sales report in the am, and WASDE at 11.
Comments are closed.