CBOT Mar 28
Last changes
SMK 272.1 -3.2
SMN 274.5 -3.3
SMQ 275.6 -3.3
SMU 276.8 -3.2
SMV 277.6 -3.3
SMZ 279.7 -3.1
SMF7 280.6 -3.1
SK 909 -1.5
SN 916 -1.75
SQ 918.25 -1.75
SU 918.25 -1.25
SX 922 -0.75
SF7 925.75 -0.75
BOK 33.63 +0.45
BON 33.86 +0.45
BOQ 33.94 +0.43
CK 370.50 +0.5
CN 374.75 +0.25
WK 471.00 +8
WN 478.00 +7.25
PALM OIL - up 45 ringgits on more production concerns
The stock market is called higher today with traders expecting more of a rally with crude oil in the green as well. Crude oil is finding some resistance at $41/barrel, with the US dollar weaker along with gold prices. But this week we begin earnings again, so this could be a difficult week for the Dow in terms of continuing US dollar strength.
We are getting closer each day to the March 31 Planting Intentions report and the end-of-month. These are big deals, but the only markets to actually change its trading range is soyoil and soybean futures. These two markets have established new highs in recent weeks, while corn and wheat prices merely sit in the middle of trading ranges. Meal prices also got a considerable boost but it was courtesy of the short getting out of those positions.
The highlights from last week included a record amount of meal sales which was unexpected and took the trade off guard. Friday the USDA flashed a 304,000 tons of soybeans sold to unknown. Soyoil sales were also good, and this morning we are back to lower meal (on cash weakness) with higher soyoil on crude strength. In fact, the strongest feature of the morning is soyoil strength once again with the May chart appearing ready to offer more upside possibilities. The palm oil market is also sharply higher as more production problems continue. The problem for soyoil is now the record long in the market. Funds actually added to their net short wheat position in recent weeks while slightly long beans.
In a few weeks we will begin our planting pace reporting for corn in the Delta. At this point rains continue to persist across the area frustrating farmers who are ready to go.
Crush values have inched higher on product strength with July crush at 63/64c/bu. Oilshare firmed back to 38% after seeing a pullback last week. July/Dec corn spreads firmed to 12 3/4. May / July meal spreads are trading into $2.40 to begin the day.
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