Corn and soybean trade volume yesterday at 317K contracts and just above 310K
on Monday. Represents the lowest combined two-day volume total in corn and
soybeans since last Christmas Eve.
Trade noise that Friday saw a Key Reversal in corn. Outside day for sure with a high and low beating the previous days high and low.
Textbook Key reversal associated with contract high or low and, with big volume. Corn not at a contract low. Volume, while much larger than recent days, was less than half the record. Also saw declining OI Friday. Still, after a most recent 97¢ break and $1.41 off the May7th high, corn Bulls looking for anything.
CZCH has come through period of historical weakness. Following that picture well. Now, through first notice day, that spread generally shows some strength. Picture to follow.
Thursday through next Wednesday has rain chances for Iowa, S MN and Il. Over the 7-day period good portion of this area to pick up near an inch total.
September futures off the board yesterday. Corn had 17 contracts delivered with one lot of soybeans put out.
Cargill’s Westwego export facility has resumed operations and the Reserve facility has had power restored.
Corn and soybeans stronger overnight. AT 0615 CZ21 trading 3 3⁄4¢ higher at $5.24 on volume of just under 20K contracts. SX21 up 6¢ at $12.97 3⁄4 on vol of just over 12K. Wheat complex all in higher territory.
Dow futures near unchanged this morning at 34,581. Crude up a buck at $71.49. US $ Index showing modest weakness.
Weekly crush calculation to follow.
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