Good Afternoon to All: The color was “red” across the board at the CBOT today as better than expected rains fell in some of the drier areas of Iowa and out in the western corn belt. The extended forecasts still look hot and dry into the last week of August but verified rainfall overnight was the culprit today. Old crop CU fell 10 1/2c while new crop CZ fell 18 3/4c. Wheat was 7 to 8c lower following corn. In the bean pit, old crop SU fell 11c with new crop SX fell 17c. Old crop/new crop corn and soybean spreads continue to firm up on tight old crop supplies as processors hunt for remaining bushels before a late harvest begins. CZ 13 has stout resistance at the recent highs of $4.85-86. Weak support at last Friday’s low of $4.61 may surface but the $4.50 level ought to hold it for now with the contract lows at $4.45-46 looming as harvest approaches. Today’s close was $4.64 ½. SX13 has resistance at the recent high of $13.19 with support at this week’s low of $12.72 with the $12.39-40 the next stop. We closed at $12.86 3/4 this afternoon. WZ13 has resistance at this week’s high of $6.58 and support at the contract low of $6.35 ½ which is only a nickel away from today’s settlement and looks to be violated if corn starts to grind lower. Nice weather market action shaping up for Friday end of the week trade and then into Sunday night. Weekly exports were good for wheat and soybeans and mediocre for corn. Foreign competition is stout for our corn export market. Weaker tone in the livestock sector today as Cattle finished 55 to 80c lower, Feeders were mixed to weaker. Hogs finished with triple digit losses with nearby LHV off $1.42. Macros trading better than the AGs today with Crude Oil up $1.23/bbl. and Gold a buck higher. Dow Jones futures trading up over 100 points and the U.S. Dollar up 31 ticks. Have a great evening, Frank Chapman Regional Grain Merchandiser Consolidated Grain and Barge Company
Posted on: Thu, 22 Aug 2013 19:39:48 +0000
Trending Topics
Recently Viewed Topics
© 2015