Chicago closing comments - why do we bother?
Nothing much fresh really. Turn the clock back to Friday night and we are pretty much back where we started. With the exception of wheat, Chicago futures contracts effectively erased Monday's losses Tuesday.
Wheat was "dragged kicking & screaming" into positive territory by the soy complex & corn, however only ended with modest gains compared to Monday's sharp declines.
There wasn't really that much different fundamental fresh news across the entire sector. There was some new export business announced, but nothing spectacular or out of the ordinary really.
The USDA planting progress report released after the close Monday provided a few disappointments, but again nothing major.
Perhaps the main factor behind all this was that on Monday the large spec trader was a little wary of what might come out of Tuesday's CFTC forum & liquidated some longs, sending the market crashing lower. When the forum turned out to be a mutal patting on the back exercise they piled back in, sending the market storming higher. Not that they are responsible for dictating the market direction or anything, that's all external uncontrollable forces that are required to maintain liquidity remember.
The huge fat cats that control the rules governing these markets probably don't even know the huge fat cat hedge fund managers that are involved. Honest.
Wheat was "dragged kicking & screaming" into positive territory by the soy complex & corn, however only ended with modest gains compared to Monday's sharp declines.
There wasn't really that much different fundamental fresh news across the entire sector. There was some new export business announced, but nothing spectacular or out of the ordinary really.
The USDA planting progress report released after the close Monday provided a few disappointments, but again nothing major.
Perhaps the main factor behind all this was that on Monday the large spec trader was a little wary of what might come out of Tuesday's CFTC forum & liquidated some longs, sending the market crashing lower. When the forum turned out to be a mutal patting on the back exercise they piled back in, sending the market storming higher. Not that they are responsible for dictating the market direction or anything, that's all external uncontrollable forces that are required to maintain liquidity remember.
The huge fat cats that control the rules governing these markets probably don't even know the huge fat cat hedge fund managers that are involved. Honest.