First of the month trade looks like it brought a little new money to the table. Corn down 22 1/4 to 731 1/4 with follow thru selling, but open interest is up, not down. Thats not the way long liquidation works. Wheat off 46 1/4 to 1041 1/4. I still don't see anything globally that changes my opinion that this is a 10–13-dollar product that the casinos run. At least wheat had the decency to drop a little open interest. Beans up 7 to 1690 1/4 and meal got a chance to test 410. China is reopening and I would guess we have some pent-up demand over there. A flash sale was announced. Rice down 41 cents, 1713 1/2 with the bear pushing late and some spread roll finally showing up. I welcome a bit lower pricing because I think it opens the door to new export sales. Might make finding a home for those July receipts an easier job as well. Dow in a common churn trade and off 173 at the end, 32,798, and bonds slip another 26 tics, 139.20.
Comments are closed.
|
Archives
February 2025
|
Services |
Company |
|