CBOT Closing Comments: The Tail Is Wagging The Dog
It's all very confusing, the USDA report was bullish to mildly bullish, crude oil finished almost $3 higher, yet the grains ran out of steam again.
Beans had earlier set a two month high as China continued to buy, ending stocks figures remained tight and the Argy crop was dropped by 4mmt.
It seems that, in a complete reversal to twelve months ago, the tail is wagging the dog. No matter how bullish the news, the market wants to go down.
US soybean ending stocks are projected tight at 165 million bushels. For corn it was just two months ago we were at a 1.79 billion bushel ending stock estimate and now we are at 1.70.
For wheat there were few surprises, with carryover stocks coming in very much in line with expectations.
May soybeans finished at $10.07, up 1 cent, a whopping 43 cents off session highs. May CBOT wheat closed at $5.22, down 10 cents on the day and 21 cents off session highs. May corn closed at $3.90 ¼, down 6 ¾ cents, 14 ½ cents off the highs.
Beans had earlier set a two month high as China continued to buy, ending stocks figures remained tight and the Argy crop was dropped by 4mmt.
It seems that, in a complete reversal to twelve months ago, the tail is wagging the dog. No matter how bullish the news, the market wants to go down.
US soybean ending stocks are projected tight at 165 million bushels. For corn it was just two months ago we were at a 1.79 billion bushel ending stock estimate and now we are at 1.70.
For wheat there were few surprises, with carryover stocks coming in very much in line with expectations.
May soybeans finished at $10.07, up 1 cent, a whopping 43 cents off session highs. May CBOT wheat closed at $5.22, down 10 cents on the day and 21 cents off session highs. May corn closed at $3.90 ¼, down 6 ¾ cents, 14 ½ cents off the highs.
