Good Afternoon: Values retreating at the CBOT on forecasts for up to an inch or more of rain to hit dry areas above Interstate 80 by Thursday and Friday. We are trading weather here, especially on soybeans. It feels like a pre Memorial Day weather market that just happens to be occurring pre Labor Day. Corn traded 9 to 10c lower after CZ13 made a new high ($4.86 ¾) for this recent move. Chicago wheat finished 7 to 8c lower but did manage to get into positive territory around mid-session. Soybean futures finished down 12 to 13c with SX13 making a new high ($13.09 ¾) for the move. CZ13/CH14 spread is out to 13c carry as the trade anticipates a fairly large crop with ending stocks rebuilding. SX13/SF14 spread shows around a penny carry as the U.S. soybean crop is still under question. Things are pretty much quiet on the export front as end users do not appear interested in buying on this rally. Weekly export sales are due out Thursday at their usual time. Day #2 of the Pro Farmer crop tour finds them in Nebraska and Indiana. Generally yields look good, but dryness is being noted. Livestock trading was relatively quiet today. October cattle was 7c higher at $128.15. September Feeders were 30c to the plus side finishing at $158.25. October Hogs were 47c higher closing at $86.95. Outside markets find nearby Crude Oil down over $2.00/bbl. and Gold futures up $4.90/oz. at $1370.50/oz. Dow Futures are trading 20 points lower while the U.S. Dollar Index is 32c lower. Enjoy your evening, Frank Chapman Regional Grain Merchandiser Consolidated Grain & Barge Company
Posted on: Tue, 20 Aug 2013 21:10:45 +0000
Trending Topics
Recently Viewed Topics
© 2015