CBOT May 18
Lastchanges
SMN372.7+3.6
SMQ368.6+2.1
SMU365.7+0.9
SMV362-0.4
SMZ361-1.2
SMF7357.3-2.1
SMH7346.6-1.5
SN1075.25-5
SQ1077-5.5
SU1066-7.75
SX1057.5-9.75
SF71056.5-8
SH71036.75-6.75
BON32.45-0.33
BOQ32.56-0.33
BOU32.68-0.33
CN399.50+2.5
CU402.25+2.5
CZ406.00+2.25
WN480.00-1.75
WU490.00-1.25
WZ506.00+0
Prices are lower this morning with most commodities and equities in the red - in other words looks a little like a macro day of across- the -board selling activity. The Dow is slightly lower as one begins to ponder if we are at the start "sell in May and walk away" trading activity.
Though July meal will begin lower, it did manage to post a new high for the move upward at $372.70. Bullish meal trade pulled beans along for the ride. Unlike its neighbor, July beans met trendline resistance during the night session at $10.88 and will open lower. Last night's price action, unlike other sessions, did feel a bit more "toppy" in nature, despite meal's ability to place a new high. Soyoil futures and wheat continue to be the weakest charts in terms of price activity. Weaker soyoil charts this morning drove July oilshare below 31% to .3053%. But as July soyoil nears 32c we could begin to see traders flip-flop taking advantage of lower soyoil prices to get something booked.
Crude oil traded up to new highs at $48.03/ barrel while the US dollar is a touch firmer, As stated before the Dow is called lower but hopefully calmer heads will prevail and we can spin a more positive tone to this market Fed comments depending.
The markets opened lower on the day but meal prices rebounded taking out the highs in the night session. July soyoil prices recovered after testing lows close to 32c. Corn prices also responded trading on both sides of unchanged.
SOY
The soy complex started lower but meal quickly found support at lower levels of trade to post new contract highs. July oilshare dropped to new lows as soyoil values struggled to find support around the 32c level. But good commercial pricing activity in July at 32c kept values well supported during the AM session. July oilshare pushed down to lows of .3041% as meal pushed to new contract highs. Meal's rally strengthened July crush which put in active trade with levels climbing upward to 1.00c/bu. Canola prices started the day lower and even though good rains are forecast for areas that need them prices were also following the path of others from lower values to higher on the day. Later in the session bean and meal inverses strengthened with July /Nov bouncing from lows of 10 1/2 up to 19 1/4c inverse and July /Dec meal up $4.60 to trade back to $12.60 from opening lows of $6.60.
GRAINS
Corn and wheat started the day lower but higher meal and more shortcovering in wheat took prices above unchanged - higher for the day. Fund buying in both emerged as prices cleared yesterday's higher levels for Jul corn at $3.98. Warmer and drier weather forecasts were keeping farmers in the fields and away from the board as prices for corn and wheat rallied to levels previously noted. That allowed July corn to confirm a higher rally without much problem once the $3.98 level was taken out to trade slightly over $4.00 towards previous highs at 4.07 1/4c.
fund recap
bot 6000 beans
sold 3000 soyoil
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