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Closing Comments

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Closing Comments

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Corn starts of the week still keeping recent momentum for higher in place and above the 100 day moving average with an overall quiet trading day.  Export shipments were a little light vs. expectations but still put up a good number.  Also a new sale was announced this morning to unknown destination of 100,973 mt and 111,000 mt of sorghum to an unknown destination for the current marketing year.  Debate between the next USDA crop report possibly raising, decreasing, or keeping yield unchanged will be in the markets this week and may limit any big moves. 

 

Soybeans were supported early on by really strong export shipments of 2.867 mln mt tons (105 mln bushels) and also a new sale to China of 264,000 mt for the current marketing year.  Demand remains at the forefront here, but how big is the Soybean yield going to be that USDA says?  The question and soybean charts turning lower could put in a at least a small correction before the report comes out next week.  The Market will also be looking to South American weather, which looks to be improving for planting conditions.

 

Wheat carried the support in the grain markets today and finished up the strongest.  Demand for a  better quality protein and the fact that Oklahoma and Kansas have been needing rains lately have been supportive.  A huge short position is currently being held by the funds and some dryness concerns in the future could push wheat higher on weather concerns and short covering, despite large stocks to use ratios.

 

Cattle slipped a little more today, pushed by Friday’s reversal bar on the charts and more profit taking from the recent rally.  Large weekly slaughter numbers last week reinforced strong supplies.

 

Hogs were higher again and kept the energy going from last week to push prices up.  There is more room to the upside yet on chart action if the technical traders want it, but with a correction maybe in the near future give how fast the rally has occurred. 

Closing Market Snapshot

 

 

All opinions expressed in this commentary are solely those of Water Street Advisory. This data and these comments are provided for information purposes only and are not intended to be used for specific trading strategies. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. There is significant risk of loss involved in commodity futures and options trading and may not be suitable for all investors.

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