CBOT May 12
Lastchanges
SMK366.8+2.4
SMN364.4+2.4
SMQ362.6+2.1
SMU361.7+2.4
SMV360+2.5
SMZ360.3+2.6
SMF7356.7+2.6
SK1064.5-5.25
SN1072-6.25
SQ1074-6.25
SU1066.5-5.25
SX1061.25-4.75
SF71058.25-5
BOK32.30-0.78
BON32.57-0.79
BOQ32.68-0.77
CK385.25+11.25
CN389.00+11.5
WK458.50+9
WN468.00+9
Soybean trade lower with trade shedding early gains with a sharp break in soyoil prices leading trade lower. Meal and oil are lower. The Chinese market has seen a substantial rally in meal values, helping to pressure oil. The weekly export sales were softer at 212,400 metric tons of old-crop soybeans, 6,900 of new, 115,300 of meal, and 16,700 of oil. Resistance on July beans is at the $10.91 high post report, then $11. Support is at the $10.46 10-day then the $10.25 20-day, giving trade a pretty wide range between support and resistance.
Corn trade higher with trade hanging together despite the reversal in the soybean trade. US weather looks cooler and wetter in the near term which should be mildly supportive with slower planting and growth. Brazil remains fairly dry in the near term. Basis has been fairly stable this week and should hold together pretty well. Ethanol margins remain
fairly stable today with ethanol and unleaded hanging together in the upper end of the range. Weekly export sales were solid at 1.14 mil mt of old crop, and 150.4k of new crop. The USDA also announced 210k mt of corn sold to Saudi Arabia. On the July chart we are just below the $3.83 20-day, the 200-day at $3.85 1/2 is the highest major moving average. Support is now at the $3.74 100-day.
Wheat trade higher across the three contracts with trade following the lead of corn. The dollar failed to hold the rally this morning, adding a bit of support. World weather for wheat remains mostly non-threatening for the moment. The weekly export sales were mixed at 294,400 metric tons of old crop, and 387,900 of new crop. The July Kansas City chart has resistance at the $4.59 10-day with support limited due to our downside
momentum that has only been stopped by spillover support from the row crops this week
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