CBOT Jun 1
Last changes
SMN 399.1 +2.5
SMQ 387.6 +2.3
SMU 381.1 +2.4
SMV 376.7 +3.2
SMZ 375.5 +3.4
SMF7 368.9 +3.6
SMH7 352.5 +2.6
SN 1099.75 +21.25
SQ 1095.5 +19
SU 1079 +14.75
SX 1068.5 +12.75
SF7 1064.5 +11.5
SH7 1039.75 +8.5
BON 32.19 +.37
BOQ 32.3 +.36
BOU 32.41 +.36
CN 413.75 +9
CU 415 +8.25
CZ 416.25 +7.75
WN 473.75 +9.25
WU 485 +9.5
WZ 503 +9.5
The markets opened lower but regained their footing with what appears to be first day of new fund buying activity. Looks like the funds did not "dress-up" the close yesterday with high end closes, but chose instead to book those profits creating a day of weakness. Today fund buying returned anew, with short-covering in wheat and new buying elsewhere. Consumers were getting prices
booked on the weakness from yesterday.
SOY
The soy complex started the day lower but commercials/consumers were taking advantage of lower levels to get something on the books, and prices popped higher. Farmers are in the field and therefore hedge pressure remained light - as was overall volume today. Meal prices worked both sides of unchanged, while the major feature was buy soyoil / sell meal spread trade. This supported oilshare with Dec trading as high as .3067%. Dec crush values were trading just under recent contract highs of 1.23c/bu to 1.18 c/bu,. Traders were back to bullspreading bean and meal inverses, however, with July /Dec meal back to 25.60 (21.70 low) and July /Nov beans popping back to 33 1/4c high with a 22c low.
GRAINS
Wheat futures bounced higher today as more traders covered in their shorts from yesterday's break. July wheat/corn spreads traded to new lows at 59 3/4c but bounced up to 65 1/2c. July corn prices found good support near the $4.00 level and prices quickly traded to new highs for the move upward at 4.13 1/2c. July /Dec corn spreads narrowed back to 2 1/4c from a 3 3/4 carry, while July /Dec wheat traded to a 29 3/4c carry.
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