By: Jeff Kaprelian Corn Commercials were net buyers of 28,628 contracts on new longs and short-covering. Funds added 42,784 new shorts and 14,294 new longs to the net effect of being net sellers of 28,490. Funds have now switched from being net long to net short 7,478 contracts. The decline…
Author: Jeff Kaprelian
Afternoon Grain and Cattle Recap
Grains – Jeff Kaprelian Grains finished higher, though without much excitement, from follow-through buying after yesterday’s strong action. Corn rallied 1’4 to 368’6, soybeans gained 3’2 to 898’6, and wheat was higher in all months but December, which was down 0’2 to 483’4. This morning the Chinese announced they will…
Afternoon Grain Market Recap
By: Jeff Kaprelian – Grains finished higher after today’s WASDE and some other bullish news. December corn gained 7’2 to 367’2, November soybeans were up 29’0 at 895’4, and December wheat was up 6’2 at 483’6. Hogs also opened limit up at 64.200. Let’s start with the news before moving…
Afternoon Grain Market Recap
By: Jeff Kaprelian Grains slid in consolidation trade ahead of tomorrow’s WASDE. Traders are hesitant to take a direction with such a wide range of estimates for production, though option volume has picked up over the last few days. To recap the estimates for tomorrow (Reuters): The thing to watch…
Afternoon Grain Market Recap
By: Jeff Kaprelian Grains finished mixed with corn lower, soybeans unchanged, and wheat higher. Let’s start with the good news in the wheat market. December futures gained 10’6 to 474’4 in very strong technical trade. There were bouts of short-covering mixed in as concerns mount over Australia’s dry weather which…