Market Thoughts by Marc - June 7 '17
July corn 384 ¾ + 7 ½ July Soybeans 930 ¾ + 7 ¼ July Mpls wheat 595 ½ - 3 ¼
Sept corn 392 ¼ + 6 ¾ Sept soybeans 933 ¾ +5 ½ Sept Mpls wheat 699 –1 ¼
Dec 17 corn 402 ½ +6 ¾ Nov17 Soybeans 935 ¾ + 4 Dec 17 Mpls wheat 600 + 0
The grain markets rallied again today, however it wasn’t the Mpls wheat leading the way. KC and Chicago wheat were trading substantially higher while Mpls closed lower for the day.
It appears the funds covered at least part of their short positions in corn yesterday and it looks like they were buying again today.
There is another “TOO” in the making! Hummm- Pretty hot for June!
Along with fund buying, the forecast for warmer than normal conditions through the weekend is being credited for the rally.
Crude oil was down over 2 bucks/barrel. Higher than expected stocks was given as the reason. Ethanol production and stocks were also substantially below last week and last year at this time.
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