June WASDE reports out of the way with as expected few actionable changes. Next up, June quarterly stocks and acreage data at month end.
Has been a quiet week of price action for corn and soybeans with each giving up a penny as of this writing. Corn open interest building this week with a lite 3K contract gain yesterday. If corn can finish the day with a strong close would make it six weeks in a row of a higher weekly close.
At 0600 CN20 trading a ½¢ higher at $3.30 ¼ with SN20 1¢ higher at $8.67. Corn volume extremely heavy at 41K (CN20) with over 50% spread trade. CNCU running between 4 ½ and 5 ¼¢ overnight with 28K contracts trading.
Dow futures on the rebound this morning, up 555 points at 25,713, after the worst daily drop since March. Robinhood traders found out yesterday markets can go lower, and in a hurry. Found this quote quite interesting, “Why take profits when every airline goes up 20% every day. Losers take profits. Winners push the chips to the middle. ... I should be up a billion dollars,” Portnoy said. “I’m just printing money.” Yikes!
Crude up 17¢ at $36.51. US $ Index a scratch firmer on the heels of sharp gains yesterday. $ scored a new low for the move this week Wednesday at 8% off its March high.
Largely rain free 7-day outlook across the belt with only lite scatterer showers prop portions of Mn and west central Iowa. Temps not an issue.
Funds credited with buying 10K corn yesterday leaving them net short an estimated 274K contracts. Bought 1K soybeans for a net long of 23K.
Updated CFTC data today after the close.
It was next week a year ago, June 17th, highs were made for the year.
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