Good Afternoon to All: Soybeans were the winner today at the CBOT with old crop SU finishing up 28 to 29c and new crop SX up 18 1/2c. Great weekly export sales report today on 2013/14 marketing year soybeans at over 1 MMT with tight supplies nearby both being supportive. Soybean harvest looks to come later due to the slow planting progress this year which could make late August and most of September a volatile trade until new crop supplies are available. CU futures finished up 5c today while new crop CZ was a penny and a half higher. Consolidation ahead of Monday’s crop report with the funds carrying a hefty short position somewhat stabilized the trade today. Chicago Wheat finished 1 to 2c lower despite good weekly export sales reported today. Wheat did trade into positive territory at one point in the session. Good day in the Livestock sector with October Cattle up $2.40 and nearby Feeders up $1.65. Hogs also traded higher up 32 to 90c. Dow Jones futures are up 25 points this afternoon and the U.S. Dollar Index is down 30 ticks. Crude Oil futures are trading 80 to 90c lower and Gold is up almost $27/oz. Charts, Technicals: CZ is tightening up into a neat little trading range ahead of Monday’s WASDE report. The recent highs ($4.64-$4.65) and recent lows ($4.55-$4.57) are giving us support and resistance. Look for the breakout either way on Monday. WZ has resistance at the recent highs of $6.78-$6.80 and the recent low (contract low) of $6.51 ¼ is just begging to be violated with sell stops just below, which if they hit, it ($6.51 ¼) will then become short term resistance as wheat seems to have no friends at the moment. Today was the first day that SX didn’t make a lower low since July 26. We will need a close above the recent highs of $12.08-$12.11 to turn the momentum higher. Today’s high of $11.90 has been the highest trade of the week and the market finally did not make a lower high for the first time since July 24. Enjoy your evening, Frank Chapman Regional Grain Merchandiser Consolidated Grain and Barge Company
Posted on: Thu, 08 Aug 2013 19:07:59 +0000
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