The roller coaster ride continues. Markets rebounding across the board after yesterday’s pounding.
At 0630 CK trading 3¢ higher at $3.75 ¾ with SK up 10 ¼¢ at $8.80 ¼. Chi and KC wheat higher as well.
After a record setting decline Dow futures 961 points higher at 24,836. Crude trading $2.70 higher at $33.36. The US $ showing sharp gains as well.
Monthly USDA Supply / Demand report later this morning. Trade expecting few changes. Average trade guess on corn carryout at 1,888 mln bu compares to the Feb USDA number at 1,892 mln bu. Ave Soy carryout at 426 mln bu compared to Feb at 425 mln bu.
Weekly soybean sales lag the pace needed to get to the USDA number of 1,825 mln bu, however USDA likely to leave soy exports unchanged at this point with hopes phase one trade deal matters.
Funds credited with selling 7K corn and 11K soybean contracts yesterday. We have them net short 93K corn and 52K soybeans.
Bullish divergence (with perhaps a little creativity) still intact on the daily chart.
Noted yesterday on price scatter, soybean price undervalued and at one point 30¢ below year ago values with a stock use ratio half that of a year ago?
Argentine farmers on a four-day strike protesting hike in export taxes.
Roller coaster ride continues……
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