Chicago closing comments - "analysts" or "anal-ists"?

There was absolutely nothing new or fresh to get inspired about tonight.

Beans: sharply lower just because they were.

Wheat: higher, because beans were lower, it was wheat's turn.

Corn: mixed, one was higher, one was lower, so one had to be mixed, right?

These markets are really getting terribly uninspiring. As I've been doing this Blog over the last few months, and reading every story that's going, it has become increasingly apparent that many of our "market analysts" are in fact "market anal-ists", they trot out the same market rhetoric with boring frequency. Indeed, many articles are so transparently dumb & repeat some crap that's been in the market for days I'm surprised some of that these boys (& girls) make a living.

Come on read this from a very popular wheat newswire (you know who you are):

Wheat rose in a correction from recent weakness amid setbacks in the neighboring (they can't even spell it right!) CBOT corn and soybean markets, a CBOT floor analyst said. Gains accelerated heading into the close of trading. Traders this week have been buying corn and soybeans and using wheat as a hedge against them, an analyst said. Corn and soybeans were lower, so it was not a surprise for wheat to find some strength, he said. Despite the day's gains, wheat is vulnerable for more losses as the new-crop winter wheat harvest approaches, said Larry Glenn, owner of Glenn Commodities. The condition of hard red winter wheat in the U.S. Plains is expected to improve thanks to precipitation, he said.

And wheat was what 28-40c up on the back of such inspiring news as that!

The thing that everyone seems to be forgetting here are the fundamentals. The futures markets are getting so devoid from the reality of the fundamentals that they are getting almost impossible to predict.

Sod the futures, lets look at the fundamentals, that's what I say. Wheat can be limit up for the next forty sessions in Chicago for all I care. Will that make one iota of difference to feed demand in the UK?

NO. Someone here may buy wheat or a wheat related product because they perceive that the price will increase because CBOT wheat has moved up, but I doubt that actual demand will increase one percent because of it.

We're in for a "summer of discontent", you mark my words.