Chicago closing comments
Well, what a carry-on. There doesn't really seem to be too much rhyme nor reason behind tonight's wildly fluctuating session. Wheat was the weakest leg on forecasts for rains in US plains and the realisation that ending stocks are getting bigger as is world production.
Nearby wheat opened 5c higher but quickly plunged 30c lower before rallying on the back of soybeans strength to peak at 27c higher then falling back again to close unchanged!
Beans were the leader with May opening 4c higher, then after a volatile first hour, rising steadily to close 61 1/2c firmer. Somewhat negative numbers from the USDA were shrugged off as the funds preferred to focus on news of further Argy unrest & talk of the farmers strike there resuming again before too long.
Corn put in a relatively consistent performance May closing 13 3/4c higher having always been in positive territory throughout. The USDA numbers pegged stocks tighter than anticipated and the usual rhetoric of soggy fields in the Midwest delaying plantings was enough to send futures to fresh all-time highs.
Nearby wheat opened 5c higher but quickly plunged 30c lower before rallying on the back of soybeans strength to peak at 27c higher then falling back again to close unchanged!
Beans were the leader with May opening 4c higher, then after a volatile first hour, rising steadily to close 61 1/2c firmer. Somewhat negative numbers from the USDA were shrugged off as the funds preferred to focus on news of further Argy unrest & talk of the farmers strike there resuming again before too long.
Corn put in a relatively consistent performance May closing 13 3/4c higher having always been in positive territory throughout. The USDA numbers pegged stocks tighter than anticipated and the usual rhetoric of soggy fields in the Midwest delaying plantings was enough to send futures to fresh all-time highs.