Previous two sessions testing, yet closing below 20 day moving average on the
daily price chart. Perhaps keeping new spec buying in check. Without a significant
story as driver, seasonal headwinds remain.
SX21 trading $13.27 3⁄4, 5¢ lower at 0600 and in the red all session to this point. Holding a narrow 7 1⁄2¢ high to low range. CZ21 off 3 1⁄4¢ at $5.48 1⁄2 in just a 3 1⁄4¢ range. Skimpy vol totals on these two of 11K on SX and 14 on CZ. Wheat markets all higher overnight.
Dow futures little changed at 35,373. Crude off 71¢ at $67.65. US $ a scratch higher.
Seems fitting for this morning; Bull markets need to be fed every day. Especially when facing a strong seasonal tendency.
Radar showing a solid pocket of rain in northeast NE moving across the river into Iowa this morning. Recall a year ago a similar picture and hoping it held together to bring some rain into Iowa. Learned what a Derecho was later that morning.
Basis all over the place. Some locations giving up substantial ground and others still paying a huge premium. Basis clock is ticking. Who is going to hold old crop into new crop this year? Somebody is going to leave a lot of money on the table.
CZCH at 7¢ this morning. SXSF trading 4 1⁄2¢. SXSN still in double digits.
Weekly corn grind totaled just 94.1 mln bu, 8.2 mln bu below what was needed this week to meet USDA’s 5.075 bln bu 20/21 target.
Malaysian palm oil forming a head-and-shoulders top? In part MPO strength helping soy complex.
Weekly export sales later this morning.
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