CBOT Apl 12
Last changes
SMK 285.1 +5
SMN 287.6 +5.1
SMQ 288.8 +5.1
SMU 289.8 +5
SMV 290.6 +5.1
SMZ 292.7 +5.2
SMF7 293.1 +5
SK 936.25 +8
SN 944.75 +8
SQ 946.75 +7.75
SU 945.75 +7.5
SX 947.75 +7
SF7 951.75 +7
BOK 33.69 -0.21
BON 33.96 -0.22
BOQ 34.06 -0.22
CK 362.75 +6
CN 365.50 +5.75
WK 452.50 +5.25
WN 458.75 +4.5
The story of the morning is higher soybean trade with the May contract traveling to new chart highs at 9.36 1/4c. Funds continue to buy beans as 1) a hedge against their huge fund short in grains and 2) as a continued reaction to the nearly 93.6 million acres of corn stated would be planted March 31. Beans are reaching out to the farmer through price, with the last of the fund short in meal heading out the door. The other feature remains the unwinding of previous buy soyoil / sell meal trade which is pushing the soyoil market to bottom support levels. Oilshare is correcting after trading over 39% back to 37.24%.
In terms of reports, we have planting progress which was lower for winter wheat and perhaps better than expected for corn given all the rains. Corn progress was 4% complete versus the five year average of 5%. Winter wheat conditions were down 3% - but then again they were surprisingly better than expected last week. The big ticket item here is weather in the plains and not the numbers received today. If the big rain event over HRW areas hits, we could see more pressure applied in grains.
PALM OIL - April down 23 ringgits on more selling pressure / profit-taking. Small cash trades noted
Stocks are called higher today with the US dollar slightly firmer and gold prices higher.
Planting progress
corn: 4% planted versus 5% average
Winter wheat: 56% good/excellent - down 3% from last week. This is still better than a year ago when conditions were 42%
Trade is focused on good rains forecast across the plains this weekend
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