CBOT Jun14
Lastchanges
SMN408.6+0.2
SMQ405.4-3
SMU404.2-4.2
SMV402.6-4.7
SMZ402.5-4.9
SMF7397.4-5.8
SMH7375.8-4.4
SN1169.5+0.5
SQ1166-3
SU1155.75-7
SX1149.25-9.75
SF71146-10.25
SH71105-10.5
BON32.52+0.01
BOQ32.67+0.02
BOU32.81+0.02
CN436.50+6.5
CU441.75+6.25
CZ446.50+6.5
WN485.00-6.25
WU497.75-5.5
WZ518.25-5
The markets opened lower and continued to find pressure through the day. But consumers were also in the market waiting to take advantage of lower levels. Buy corn/sell bean trade was dominant, though all the markets seemed to find price stability at lower levels from those needing to price something. Funds were early sellers of corn, wheat, and soyoil futures early in the day, but by the noontime hour covered those shorts in.
SOY
THe major portion of volume yesterday was in spreading nearby contracts forward: July bean open interest declined by 14,594 contract with November picking up the majority of turnover at 13,737 contracts. November beans now has the majority of open interest at 386,326 contracts. July meal was down 9,048 contracts with Dec picking up 9,420. Dec meal open interest now is the largest at 134,361 contracts, though there are still 81,184 July contracts that need to be liquidated or spread. The Goldman roll officially ended yesterday. For the day, July /Nov bean inverses bounced off 10 1/4c rallying up to 21c while July /Dec meal inverses traded down to $1.10 before recovering to $4.20. July soyoil futures traded down to 32c where it found light buying interest and chart stability. July bean futures found support form corn, trading higher on the day from lower.
GRAINS
Most of the fund activity was in corn yesterday, where funds were purchasing contacts. But volume also continues to be about liquidating July contracts, and rolling them forward. Yesterday July corn open interest dropped by 52,094 contracts with September up 34,911 contracts and Dec up 17,177 contracts. Sep corn open interest stands at 483,432 contracts with Dec at 443,294 contracts. Corn contracts held the best on the day, not giving back too much with wheat weakening the most Sep wheat fell below $5.00 to 4.93 1/4 where it found support. Later in the session corn futures rallied once again leading the way upward
Fund recap
even (from sold 5000 wheat)
even (from sold 6000 corn)
sold 7000 beans
sold 5000 meal
even (from sold 2000 soyoil)
The Dow started the day 20 pts lower and continued to trade in the red for much of the day. All eyes on are the Fed that will look at interest rate direction and on whether Britain will vote to leave the European Union.
CLOSING COMMENTS
Now more than any time, the market bull has something to think about. What will be the next steps to a higher trade? Good exports have been factored in - losses in SA have been factored in the next item is acreage. For the moment the market continues to see support in one form or the other. Today that comes from corn as consumers people needing to price something get something on the books. Funds sold early but are quick to take a profit when it comes. Continue to take advantage of breaks is the moral of this story until the trade is assured that our crops are safe and perhaps demand has softened.
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