CBOT Apl 1
Last changes
SMK 272.3 +2
SMN 275.1 +2
SMQ 276.3 +1.9
SMU 277.4 +1.8
SMV 278.3 +1.7
SMZ 280.4 +1.6
SMF7 281.2 +1.6
SK 918.25 +7.5
SN 926 +8.25
SQ 928.5 +8
SU 928.5 +7.75
SX 932.25 +7.5
SF7 936.5 +8
BOK 34.45 +0.23
BON 34.67 +0.23
BOQ 34.78 +0.25
CK 354.00 +2.5
CN 357.75 +2
WK 475.75 +2.25
WN 483.00 +2.25
The markets opened as called with corn lower on more fund selling. Soyoil values held in with beans during the first part of the session but meal traded lower on the day. Sell corn and buy beans/ wheat was the fan favorite trade of the day given 93 million acres of corn to be planted this spring.
The soy complex opened higher with beans and soyoil futures trying to set new highs for the day. May soyoil did manage to notch a new high at 3471 on early fund buying activity before prices turned towards the middle of the trading range. The weakness in soy came from meal which traded lower on the day after also trying to move over nighttime highs. Meal's relative weakness against soyoil strength pushed July oilshare to .3883% - new highs since the report yesterday. More eyes are now centered on the July bean /Dec corn spread given the larger corn acres yesterday. The spread suggests that more acreage should begin to favor beans over corn. The Brazilian real continues firm which is shutting down farmer selling as the government decides what to do with the current President.
Corn futures found new contract lows on more fund selling from the start of the day. Once again the market moved into consumer pricing activity which steadied values at the overall lows. The contract May wheat is keeping a steady trade against corn with prices not going down and funds not interested in selling give the short they already have. Wheat values stood their ground today with somewhat impressive price action. WIth reduced acreage (some coming from smaller winter wheat seedings), and still dry concerns in the Southern plains wheat prices should begin to maintain a steady trading range bias.
Fund recap
sold 4000 corn
bot 2000 soyoil
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